To amend the Internal Revenue Code of 1986 to eliminate the dollar limitations on the exclusion of gain from sales of principal residences, and for other purposes.

Key Points

• Congress would remove the current dollar cap on how much profit from selling your main home can be tax-free.
• This would mainly help homeowners in high-cost areas or people who sell after big price increases, because larger profits could be excluded from taxes.
• If you sell a home for a gain after the law takes effect, more (or possibly all) of that gain could avoid federal income tax, depending on the other rules that still apply.
• This could reduce federal tax revenue and shift who benefits most toward higher-income homeowners with bigger home-price gains.
• The change would apply only to home sales happening after the bill is enacted; it would not automatically change taxes for past sales.