Bills · HR 7034
IN COMMITTEE· 119TH CONGRESS
House BillHR 7034Taxation
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.
INTRO JAN 13· LAST ACTION JAN 13
READING
1MIN
COSPONSORS
6
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenThis bill matters because it could significantly reduce the tax burden for many homeowners when they sell their primary residence, particularly those who have seen substantial appreciation in their home's value. If this bill becomes law, homeowners could keep more of the money they make from selling their homes, potentially freeing up funds for retirement, a new home purchase, or other investments. If it doesn't become law, the current tax rules would remain, meaning profits over the existing dollar limits would continue to be subject to capital gains tax, impacting the net proceeds for many sellers.
KEY PROVISIONS
3AI-extractedPROVISION 01
Eliminates the current dollar limits on how much profit homeowners can exclude from taxes when selling their main home.
This is the core change, allowing all profit from the sale of a principal residence to be potentially tax-free, rather than just a capped amount.
PROVISION 02
Makes necessary adjustments to other related parts of the tax code to ensure consistency with the removal of the dollar limits.
These changes ensure that all relevant tax rules align with the new policy.
PROVISION 03
Specifies that these tax changes will apply to any sales or exchanges of principal residences that occur after the bill becomes law.
This provision clarifies when the new tax rules would take effect for homeowners.
SPONSORSHIP
1 + 6
R· Texas
YRS IN OFFICE
1
BILLS LED
16
COSPONSOR BREAKDOWNBIPARTISAN · 0%
DEM 0 REP 6 IND 0
ACTION TIMELINE
2 EVENTSJAN 13
Introduced in House
JAN 13
Referred to the House Committee on Ways and Means.
BILL INFO
TypeHouse Bill
NumberHR 7034
Congress119th
StatusIn Committee
IntroducedJan 13, 2026
Last actionJan 13, 2026
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IN COMMITTEE· 119TH CONGRESS · WAYS AND MEANS COMMITTEE · INTRODUCED JAN 13, 2026
House BillHR 7034Taxation
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.
INTRODUCED JAN 13, 2026· LAST ACTION JAN 13, 2026
PASSAGE CHANCES
—%
READING
1 min
COSPONSORS
6
COMPLEXITY
Moderate
