No Tax on Home Sales Act
No Tax on Home Sales Act
Plain Language Summary
# No Tax on Home Sales Act (HR 4327) Summary **What the bill would do:** This bill would eliminate federal income taxes on profits from the sale of a primary residence. Currently, homeowners can exclude up to $250,000 (or $500,000 for married couples) in capital gains from federal taxes when selling their home. This bill would expand that exclusion to cover all profits, regardless of amount.
It would apply only to primary residences, not investment properties. **Who it affects and key details:** The bill primarily benefits homeowners selling their primary residence, particularly those in high-appreciation markets where profits exceed current exclusion limits. It would reduce federal tax revenue, as homeowners who currently owe taxes on gains above the threshold would pay nothing instead. The bill is currently in committee, meaning it has not yet been voted on by the full House of Representatives. **Current status:** As of now, HR 4327 remains in the House Ways and Means Committee and has not advanced further in the legislative process.
Latest Action
ASSUMING FIRST SPONSORSHIP - Mr. Alford asked unanimous consent that he may hereafter be considered as the first sponsor of H.R. 4327, a bill originally introduced by Representative Greene (GA), for the purpose of adding cosponsors and requesting reprintings pursuant to clause 7 of rule XII. Agreed to without objection.