[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1321 Introduced in House (IH)]

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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.


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                    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

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                                 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.
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