H.R. 7034

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 7034 Introduced in House (IH)] <DOC> 119th CONGRESS 2d Session H. R. 7034 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. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES January 13, 2026 Mr. Goldman of Texas 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 eliminate the dollar limitations on the exclusion of gain from sales of principal residences, 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. ELIMINATION OF DOLLAR LIMITATIONS ON EXCLUSION OF GAIN FROM SALES OF PRINCIPAL RESIDENCES. (a) In General.--Section 121(b) of the Internal Revenue Code of 1986 is amended-- (1) by striking paragraphs (1), (2), and (4), and (2) by redesignating paragraphs (3) and (5) as paragraphs (1) and (2), respectively. (b) Conforming Amendments.--Section 121(c) of such Code is amended-- (1) 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 (2) in paragraph (2)(A)(ii), by striking ``subsection (b)(3)'' and inserting ``subsection (b)(1)''. (c) Effective Date.--The amendments made by this section shall apply to sales and exchanges after the date of the enactment of this Act. <all>