This bill addresses this problem and updates outdated tax rules so more homes can come on the market and more Coloradans can find a place to call their own. ... The More Homes on the Market Act would increase the exclusion to $500,000 for single filers and $1 million for joint filers, making it more financially desirable for homeowners to sell and increasing housing turnover.
Bennet promises to support legislation to amend the tax code to increase the capital gains exclusion for home sales to $500,000 for single filers and $1 million for joint filers in order to incentivize homeowners to sell, increase housing market supply, and improve affordability.
Occurrences
Congress.gov lists Sen. Bennet as a cosponsor of S.3332 and shows the introduced text amending Internal Revenue Code section 121 by replacing $250,000 with $500,000 and $500,000 with $1,000,000, with inflation indexing.
Bennet, Cornyn, Bipartisan Colleagues Introduce Bill to Increase Housing Availability and Affordability ... Bennet ... joined U.S. Senator John Cornyn (R-Texas) and bipartisan Senate colleagues to introduce the More Homes on the Market Act. This bill will make housing more available and affordable by amending the tax code to allow sellers to exclude additional funds from capital gains taxes, incentivizing homeowners to sell their homes and increasing market supply.
Evidence
The Bennet Senate office says Bennet joined Sen. Cornyn and bipartisan colleagues to introduce the More Homes on the Market Act, and describes the bill as increasing the home-sale capital gains exclusion to $500,000 for single filers and $1 million for joint filers.
Congress.gov lists Sen. Bennet as a cosponsor of S.3332 and shows the introduced text amending Internal Revenue Code section 121 by replacing $250,000 with $500,000 and $500,000 with $1,000,000, with inflation indexing.
Assessments
Bennet publicly joined and cosponsored the More Homes on the Market Act, and the bill text matches the promised capital-gains exclusion increase for home sales to $500,000/$1,000,000. Because the promise was to support legislation rather than guarantee enactment, his cosponsorship is sufficient credit for delivery in office.