US SB3332

Doubles the capital gains tax exclusion for principal residence sales from $250,000 to $500,000 for single filers and from $500,000 to $1,000,000 for married couples filing jointly

Adds annual inflation adjustments to the exclusion amounts beginning in taxable years after 2025, using the cost-of-living adjustment formula with a 2024 baseline

Applies to all home sales and exchanges occurring after the date of enactment

Amends Section 121(b) of the Internal Revenue Code of 1986