United States 119th Congress Status: In Committee Bipartisan · 84 D · 57 R · 1 I cosponsors

HR 1340 — More Homes on the Market Act

Last action — Referred to the House Committee on Ways and Means.

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill is in committee in the House. Introduced February 13, 2025. It must pass committee before a floor vote.

Next likely step: a committee vote, then a floor vote in the House.

Odds of enactment

Low chance

Based on the sponsor, cosponsors, and committee posture, this bill has a low chance of becoming law.

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A statistical estimate from our own model of past outcomes — an insight, not a guarantee. Policymaking is volatile.

Prognosis

Advancing 42% · moderate confidence

  • In Committee

    Current position in the legislative process.

  • 142 sponsors

    1 primary, 141 co-sponsors signed on.

  • Bipartisan support

    Sponsored across 3 parties (84 D · 57 R · 1 I) — cross-party backing.

Based on stage, sponsorship breadth, committee status, recorded votes, and cross-state momentum — a description of the observable signals, not a prediction.

Summary

More Homes on the Market Act This bill increases the amount of gain from the sale of a principal residence that an individual may exclude from gross income (for federal tax purposes). Under the bill, an individual may exclude from gross income gain from the sale of a principal residence of up to $500,000 (currently $250,000), and taxpayers who are married and file a joint federal income tax return may exclude up to $1 million (currently $500.000). The bill also requires these amounts to be adjusted annually for inflation.

Bill Text

How this bill changes current law

4 changes Share ↗

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill increases the exclusion amounts for gain from the sale of a principal residence and indexes them for inflation starting in 2025.

  • Section 121(b)

    $250,000 → $500,000

    The exclusion of gain from the sale of a principal residence for individuals is doubled from $250,000 to $500,000.

  • Section 121(b)

    500,000 → 1,000,000

    The exclusion of gain from the sale of a principal residence for married couples filing jointly is doubled from $500,000 to $1,000,000.

  • Section 121(b)(2)(A)

    $500,000 → $1,000,000

    The threshold for the exclusion amount in the heading for married couples filing jointly is increased from $500,000 to $1,000,000.

  • Section 121(b)

    (5) Adjustment for inflation.--In the case of a taxable year beginning after 2024, the $500,000 and $1,000,000 amounts in paragraphs (1), (2), and (4) shall be increased by an amount equal to-- ... If any increase under this clause is not a multiple of $100, such increase shall be rounded to the next lowest multiple of $100.

    Establishes an inflation adjustment mechanism for the exclusion amounts starting in 2025.

Action History

  1. Introduced in House

  2. Introduced in House

  3. Referred to the House Committee on Ways and Means.

Sponsors

Sponsorship breakdown

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1 sponsors · 141 co-sponsors · 405 not signed on

Sponsors (1)

Co-sponsors (141)

Not signed on (405)

405 members have not signed on to this bill.

Show all 405 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation housing
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Frequently asked questions

What does HR 1340 do?
More Homes on the Market Act This bill increases the amount of gain from the sale of a principal residence that an individual may exclude from gross income (for federal tax purposes). Under the bill, an individual may exclude from gross income gain from the sale of a principal residence of up to $500,000 (currently $250,000), and taxpayers who are married and file a joint federal income tax return may exclude up to $1 million (currently $500.000). The bill also requires these amounts to be adjusted annually for inflation.
Who sponsors HR 1340?
HR 1340 is sponsored by Panetta, Jimmy (Democratic), Kelly, Mike (Republican), Malliotakis, Nicole (Republican), Yakym, Rudy (Republican), Correa, J. Luis (Democratic), DelBene, Suzan K. (Democratic), Scholten, Hillary J. (Democratic), Brownley, Julia (Democratic), Salazar, Maria Elvira (Republican), Mullin, Kevin (Democratic), Issa, Darrell (Republican), Harder, Josh (Democratic), Bacon, Don (Republican), McCollum, Betty (Democratic), Goldman, Daniel S. (Democratic), Rutherford, John H. (Republican), Costa, Jim (Democratic), Barragán, Nanette Diaz (Democratic), Swalwell, Eric (Democratic), Lawler, Michael (Republican), De La Cruz, Monica (Republican), Pettersen, Brittany (Democratic), Ansari, Yassamin (Democratic), Liccardo, Sam T. (Democratic), Gottheimer, Josh (Democratic), Thanedar, Shri (Democratic), Carbajal, Salud O. (Democratic), Fitzpatrick, Brian K. (Republican), Kiley, Kevin (Independent), Landsman, Greg (Democratic), Lieu, Ted (Democratic), Vargas, Juan (Democratic), Lofgren, Zoe (Democratic), Norcross, Donald (Democratic), Shreve, Jefferson (Republican), Nunn, Zachary (Republican), Budzinski, Nikki (Democratic), Sherman, Brad (Democratic), Pingree, Chellie (Democratic), Craig, Angie (Democratic), Sewell, Terri A. (Democratic), Davids, Sharice (Democratic), Levin, Mike (Democratic), Beatty, Joyce (Democratic), Cherfilus-McCormick, Sheila (Democratic), Van Drew, Jefferson (Republican), Cuellar, Henry (Democratic), Kim, Young (Republican), Moylan, James C. (Republican), Weber, Randy K. Sr. (Republican), Green, Al (Democratic), Soto, Darren (Democratic), Neguse, Joe (Democratic), Scott, David (Democratic), Hunt, Wesley (Republican), Schakowsky, Janice D. (Democratic), Grothman, Glenn (Republican), Gill, Brandon (Republican), Pocan, Mark (Democratic), Schmidt, Derek (Republican), Mann, Tracey (Republican), Suozzi, Thomas R. (Democratic), Kean, Thomas H. (Republican), Trahan, Lori (Democratic), Foushee, Valerie P. (Democratic), Calvert, Ken (Republican), Fleischmann, Charles J. "Chuck" (Republican), Goldman, Craig A. (Republican), Cleaver, Emanuel (Democratic), McBride, Sarah (Democratic), Hayes, Jahana (Democratic), Smith, Christopher H. (Republican), Davis, Donald G. (Democratic), Latimer, George (Democratic), Courtney, Joe (Democratic), Miller-Meeks, Mariannette (Republican), Fitzgerald, Scott (Republican), Garcia, Robert (Democratic), Massie, Thomas (Republican), Boyle, Brendan F. (Democratic), Bishop, Sanford D. (Democratic), Casten, Sean (Democratic), Stauber, Pete (Republican), Cisneros, Gilbert Ray (Democratic), Bell, Wesley (Democratic), Kustoff, David (Republican), Golden, Jared F. (Democratic), Fulcher, Russ (Republican), Hernández, Pablo Jose (Democratic), Pou, Nellie (Democratic), Johnson, Julie (Democratic), Sykes, Emilia Strong (Democratic), Meuser, Daniel (Republican), Wittman, Robert J. (Republican), Bresnahan, Robert P. (Republican), Peters, Scott H. (Democratic), Espaillat, Adriano (Democratic), Collins, Mike (Republican), Van Duyne, Beth (Republican), Moran, Nathaniel (Republican), Bean, Aaron (Republican), Fischbach, Michelle (Republican), Barrett, Tom (Republican), Horsford, Steven (Democratic), Smucker, Lloyd (Republican), Tenney, Claudia (Republican), Tokuda, Jill N. (Democratic), Miller, Carol D. (Republican), Sorensen, Eric (Democratic), Dingell, Debbie (Democratic), McGuire, John J. (Republican), Frankel, Lois (Democratic), Carey, Mike (Republican), Whitesides, George (Democratic), Subramanyam, Suhas (Democratic), Mfume, Kweisi (Democratic), Norton, Eleanor Holmes (Democratic), Elfreth, Sarah (Democratic), Murphy, Gregory F. (Republican), Walkinshaw, James R. (Democratic), Steube, W. Gregory (Republican), Hern, Kevin (Republican), LaHood, Darin (Republican), Wasserman Schultz, Debbie (Democratic), Keating, William R. (Democratic), Bera, Ami (Democratic), Kennedy, Timothy M. (Democratic), Castor, Kathy (Democratic), Hurd, Jeff (Republican), Miller, Max L. (Republican), Davis, Danny K. (Democratic), Sánchez, Linda T. (Democratic), DeSaulnier, Mark (Democratic), Langworthy, Nicholas A. (Republican), Crank, Jeff (Republican), Titus, Dina (Democratic), Evans, Dwight (Democratic), Guest, Michael (Republican), Mrvan, Frank J. (Democratic), Ross, Deborah K. (Democratic), Van Epps, Matt (Republican), and Finstad, Brad (Republican).
What is the current status of HR 1340?
This bill is in committee in the House. Introduced February 13, 2025. It must pass committee before a floor vote.
Where can I track HR 1340?
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