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Making Homeownership Affordable Again Act
To amend the Internal Revenue Code of 1986 to exclude all gain from the sale of a principal residence or any residence which is sold to a first-time homebuyer, and for other purposes.
Summary
The bill amends tax law to eliminate the dollar limitations on the exclusion of gain from the sale of a principal residence. Currently, homeowners can exclude up to $250,000 (or $500,000 for married couples filing jointly) of gain; this bill would allow for unlimited exclusion of all gains from such sales. The bill also extends the exclusion to apply to sales of any residence to a first-time homebuyer, defined as an individual who had no present ownership interest in a principal residence during the 3-year period before the sale. These amendments would apply to sales and exchanges made after the date of enactment.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Rep. Mace, Nancy [R-SC-1] (R-SC)
1 cosponsor
Actions (2)
- Feb 5, 2026 Referred to the House Committee on Ways and Means. · house
- Feb 5, 2026 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE HOUSE OF REPRESENTATIVES
February 5, 2026
Ms. Mace (for herself and Ms. Boebert) introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to exclude all gain from the sale of a principal residence or any residence which is sold to a first-time homebuyer, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Making Homeownership Affordable Again Act”.
SEC. 2. FULL EXCLUSION OF GAIN FROM SALE OF PRINCIPAL RESIDENCE OR RESIDENCE SOLD TO FIRST-TIME HOMEBUYER.
(a) Elimination of Dollar Limitations on Exclusion of Gain.—
(1) In general.—Section 121(b) of the Internal Revenue Code of 1986 is amended—
(A) by striking paragraphs (1), (2), and (4), and
(B) by redesignating paragraphs (3) and (5) as paragraphs (1) and (2), respectively.
(2) Conforming amendments.—
(A) Section 121(c) of such Code is amended—
(i) in paragraph (1), by striking “, and subsection (b)(3)” and all that follows through “2 years” and inserting “, and subsection (b)(1), shall not apply”, and
(ii) in paragraph (2)(A)(ii), by striking “subsection (b)(3)” and inserting “subsection (b)(1)”.
(B) Section 121(d) of such Code is amended—
(i) in paragraph (9)(A), by striking “in subsections (a) and (c)(1)(B)” and inserting “in subsection (a)”, and
(ii) in paragraph (12)(A), by striking “in subsections (a) and (c)(1)(B)” and inserting “in subsection (a)”.
(b) Allowance of Exclusion of Gain From Sales to First-Time Homebuyers.—
(1) In general.—Section 121(c)(2)(B) of such Code is amended—
(A) by striking “exchange is by reason of” and inserting “exchange is—
“(i) by reason of”,
(B) by striking “unforeseen circumstances.” and inserting “unforeseen circumstances, or”, and
(C) by adding at the end the following:
“(ii) to a first-time homebuyer.”.
(2) First-time homebuyer.—Section 121(c) of such Code, as amended by the preceding provisions of this Act, is amended by adding at the end the following new paragraph:
“(3) First-time homebuyer.—For purposes of this subsection, the term ‘first-time homebuyer’ means any individual if such individual (and if married, such individual’s spouse) had no present ownership interest in a principal residence during the 3-year period ending on the date of the sale or exchange of the property to which this subsection applies.”.
(c) Effective Date.—The amendments made by this section shall apply to sales and exchanges made after the date of the enactment of this Act. <all>
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