Section 1 Short title
This Act may be cited as the “More Homes on the Market Act”.
More Homes on the Market Act
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.
Sec. 2 Increase of exclusion of gain from sale of principal residence
by striking “$250,000” and inserting “$500,000” each place it appears,
by striking “500,000” and inserting “$1,000,000” each place it appears,
in paragraph (2)(A), in the heading, by striking “$500,000” and inserting “$1,000,000”, and
by adding at the end the following new paragraph:
“(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—
“(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 “2023” for “2016” in subparagraph (A)(ii) thereof.”
Effective date— The amendments made by this section shall apply to sales and exchanges after the date of the enactment of this Act.