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US HB7131

Bill

Official Source

Status

Introduced

1/16/2026

Primary Sponsor

Scott Fitzgerald

Click for details

Origin

House of Representatives

119th Congress

AI Summary

  • Eliminates the dollar cap on capital gains exclusion when selling a principal residence (current law limits exclusion to $250,000 for individuals, $500,000 for married couples filing jointly)
  • Amends Section 121(b) of the Internal Revenue Code of 1986 by striking the paragraphs that establish these monetary limitations
  • Applies to all home sales and exchanges occurring after the date of enactment
  • Introduced by Rep. Fitzgerald on January 16, 2026, and referred to the House Committee on Ways and Means

Legislative Description

Middle Class Home Tax Elimination Act

Taxation

Last Action

Referred to the House Committee on Ways and Means.

1/16/2026

Committee Referrals

Ways And Means1/16/2026

Full Bill Text

No bill text available