Congress Gains Support for Bill to Double Capital Gains Tax Exclusion, Aiming to Boost Home Sales
The More Homes on the Market Act, a bill designed to double the capital gains tax exclusion for home sellers, is gaining traction in Congress. The bill has recently attracted additional co-sponsors, including three Democrats from the House and a Republican from the Senate. Currently, 151 House members and 23 Senators support the legislation. The bill aims to increase the exclusion limits from $250,000 to $500,000 for single filers and from $500,000 to $1 million for joint filers, while also indexing these thresholds to inflation. The National Association of Realtors supports the bill, arguing it could alleviate the tax burden on home sellers and increase housing inventory. The current tax code, unchanged since 1997, has not kept pace with inflation, leading to a higher tax burden for many homeowners. 
