H.R. 1340 · 119th Congress

Doubles the amount of profit from selling a primary home that is exempt from tax

Official title: More Homes on the Market Act1

Never got a floor voteTargeted tax breaks for individuals and families

§1What it does

Why this matters: A plain-English description of the bill as it was voted on, written by us from the official summary and text.

Drafted by AI from the public sources cited. Each sentence links to its source.

This bill would raise the amount of profit from selling a primary home that people can leave out of their taxable income, from $250,000 to $500,000 for individuals and from $500,000 to $1 million for married couples filing jointly.2,3 These amounts would then be adjusted for inflation each year.2

§2Status

StatusLatest action, February 13, 2025: Referred to the House Committee on Ways and Means.1
IntroducedFebruary 13, 2025
SponsorRep. Panetta, Jimmy [D-CA-19]
Cosponsors159 cosponsors (67 Republican, 92 Democratic)
Official recordH.R. 1340 on Congress.gov

§3It never got a vote

Why this matters: This bill had wide support from both parties, but it never reached the House or Senate floor, so no member of Congress was ever recorded voting for or against it.

Latest action, February 13, 2025: Referred to the House Committee on Ways and Means.1 How bills die without a vote.

2026 candidates who sponsored or cosponsored it (138)