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Bipartisan House Bill Aims to Incentivize Home Selling

Government + Policy

Bipartisan House Bill Aims to Incentivize Home Selling

The More Homes on the Market Act seeks to amend the sales gain tax exclusion to bring more homes into the for-sale market

May 31, 2023
U.S. Capitol building exterior
Image: Zack Frank / stock.adobe.com

The bipartisan More Homes on the Market Act was unveiled in March by Reps. Jimmy Panetta (D-Calif.) and Mike Kelly (R-Pa.) with the goal of amending the tax code to encourage more homeowners to sell their homes, a solution intended to boost the overall supply of houses available on the market.

If passed, the bill will increase the sales gain tax exclusion to $500,000 for single filers and $1 million for joint filers, HousingWire reports. Currently, single home sellers can only exclude $250,000 in gains from capital gains taxes, while joint filers can exclude $500,000.

Rep. Panetta told MarketWatch in an interview last week that Congress can address housing supply constraints with the proposed legislation.

“It’s a pretty simple fix and a pretty straightforward bill,” Panetta said. “A lot of people who have owned homes for a long time are in that position of deciding, do I sell my home that has gained a tremendous amount of capital and then take a huge tax hit? Or do I just sit on it, and give it away?”

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