This bill aims to make it easier for people to buy and sell homes by eliminating taxes on profits from home sales. It specifically helps first-time homebuyers and encourages more homeownership.
If you sell your home or buy your first home, you could save money on taxes.
Who this affects
Homeowners selling homes · First-time homebuyers
What changes is this bill making?
1This bill removes limits on profit from selling a primary home.
2It allows homeowners to sell their homes without paying taxes on the profit.
3The bill also helps first-time homebuyers by excluding gains from sales to them.
4A first-time homebuyer is someone who hasn't owned a home in the last three years.
5These changes apply to home sales after the bill becomes law.
