A piece of legislation introduced in the House of Representatives earlier this year has one goal: increasing the number of homes on the market.
The “More Homes on the Market Act” was introduced in March by Reps. Jimmy Panetta (D-Calif.) and Mike Kelly (R-Penn.) The bill would increase the sales gain tax exclusion to $500,000 for single filers and $1 million for joint filers, in the hopes that this change would persuade prospective sellers to put their homes up for sale. Currently, single homeowners who sell their home can only exclude $250,000 in profit from capital gains taxes while joint filers can exclude $500,000.
The bill also includes provisions for providing financial assistance to homeowners who sell their properties and need to relocate. This assistance could be in the form of grants or low-interest loans, easing the financial burden associated with moving to a new home and encouraging more individuals to sell.
This is not the first time that Reps. Panetta and Kelly have introduced this bill. They pitched it back in September 2022, but the bill did not progress beyond the House Ways and Means Committee.
This article originally published at https://dc.urbanturf.com/articles/blog/a_new_bill_is_aimed_at_increasing_the_number_of_homes_for_sale/21079.
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