Making Homeownership Affordable Again Act

[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 su