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House Bill 1321
118th Congress(2023-2024)
More Homes on the Market Act
Introduced
Introduced
Introduced in House on Mar 1, 2023
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Introduced in House 
Mar 1, 2023
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Introduced in House(Mar 1, 2023)
Mar 1, 2023
No Linkage Found
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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H. R. 1321 (Introduced-in-House)


118th CONGRESS
1st Session
H. R. 1321


To amend the Internal Revenue Code of 1986 to increase the exclusion of gain from the sale of a principal residence, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

March 1, 2023

Mr. Panetta (for himself and Mr. Kelly of Pennsylvania) 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 increase the exclusion of gain from the sale of a principal residence, 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 “More Homes on the Market Act”.

SEC. 2. Increase of exclusion of gain from sale of principal residence.

(a) In general.—Section 121(b) of the Internal Revenue Code of 1986 is amended—

(1) by striking “$250,000” and inserting “$500,000” each place it appears,

(2) by striking “500,000” and inserting “$1,000,000” each place it appears,

(3) in paragraph (2)(A), in the heading, by striking “$500,000” and inserting “$1,000,000”, and

(4) by adding at the end the following new paragraph:

“(5) ADJUSTMENT FOR INFLATION.—In the case of a taxable year beginning after 2023, the $500,000 and $1,000,000 amounts in paragraphs (1), (2), and (4) shall be increased by an amount equal to—

“(A) such dollar amount, multiplied by

“(B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting ‘2022’ for ‘2016’ in subparagraph (A)(ii) thereof.

If any increase under this clause is not a multiple of $100, such increase shall be rounded to the next lowest multiple of $100.”.

(b) Effective date.—The amendments made by this section shall apply to sales and exchanges after the date of the enactment of this Act.