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119-hr-7131119th Congress

Middle Class Home Tax Elimination Act

Sponsored By: Representative Fitzgerald, Scott [R-WI-5]

Introduced

Summary

Removes the dollar cap on the tax exclusion for gain from selling a primary residence. This bill would change Internal Revenue Code Section 121 so homeowners are no longer limited by a per-sale dollar ceiling when excluding gain on the sale or exchange of their principal residence, and it makes matching technical edits to related provisions.

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  • Homeowners and families: Sellers of a principal residence could exclude more or all of their gain from taxable income because the per-sale dollar limits are eliminated.
  • Tax law and administration: The bill reorganizes and amends Section 121 by striking and redesignating specific paragraphs and updating cross references. The changes apply to sales and exchanges after the date of enactment.

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & CoSponsors

Sponsor

Fitzgerald, Scott [R-WI-5]

WI • R

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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