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[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7400 Introduced in House (IH)]
<DOC>
119th CONGRESS
2d Session
H. R. 7400
To amend the Internal Revenue Code of 1986 to exclude all gain from the
sale of a principal residence or any residence which is sold to a
first-time homebuyer, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 5, 2026
Ms. Mace (for herself and Ms. Boebert) introduced the following bill;
which was referred to the Committee on Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to exclude all gain from the
sale of a principal residence or any residence which is sold to a
first-time homebuyer, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Making Homeownership Affordable
Again Act''.
SEC. 2. FULL EXCLUSION OF GAIN FROM SALE OF PRINCIPAL RESIDENCE OR
RESIDENCE SOLD TO FIRST-TIME HOMEBUYER.
(a) Elimination of Dollar Limitations on Exclusion of Gain.--
(1) In general.--Section 121(b) of the Internal Revenue
Code of 1986 is amended--
(A) by striking paragraphs (1), (2), and (4), and
(B) by redesignating paragraphs (3) and (5) as
paragraphs (1) and (2), respectively.
(2) Conforming amendments.--
(A) Section 121(c) of such Code is amended--
(i) in paragraph (1), by striking ``, and
subsection (b)(3)'' and all that follows
through ``2 years'' and inserting ``, and
subsection (b)(1), shall not apply'', and
(ii) in paragraph (2)(A)(ii), by striking
``subsection (b)(3)'' and inserting
``subsection (b)(1)''.
(B) Section 121(d) of such Code is amended--
(i) in paragraph (9)(A), by striking ``in
subsections (a) and (c)(1)(B)'' and inserting
``in subsection (a)'', and
(ii) in paragraph (12)(A), by striking ``in
subsections (a) and (c)(1)(B)'' and inserting
``in subsection (a)''.
(b) Allowance of Exclusion of Gain From Sales to First-Time
Homebuyers.--
(1) In general.--Section 121(c)(2)(B) of such Code is
amended--
(A) by striking ``exchange is by reason of'' and
inserting ``exchange is--
``(i) by reason of'',
(B) by striking ``unforeseen circumstances.'' and
inserting ``unforeseen circumstances, or'', and
(C) by adding at the end the following:
``(ii) to a first-time homebuyer.''.
(2) First-time homebuyer.--Section 121(c) of such Code, as
amended by the preceding provisions of this Act, is amended by
adding at the end the following new paragraph:
``(3) First-time homebuyer.--For purposes of this
subsection, the term `first-time homebuyer' means any
individual if such individual (and if married, such
individual's spouse) had no present ownership interest in a
principal residence during the 3-year period ending on the date
of the sale or exchange of the property to which this
subsection applies.''.
(c) Effective Date.--The amendments made by this section shall
apply to sales and exchanges made after the date of the enactment of
this Act.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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