American Dream Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 7051 Introduced in House (IH)] <DOC> 119th CONGRESS 2d Session H. R. 7051 To amend the Internal Revenue Code of 1986 to exclude from gross income gains on the sale of real property to first-time homebuyers by individuals who have attained age 65. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES January 14, 2026 Mr. McGuire (for himself, Mr. Barrett, Mr. Stauber, Mr. Stutzman, Mr. Schmidt, Mr. Mackenzie, Mr. Hamadeh of Arizona, Mrs. Miller-Meeks, and Mrs. Cammack) 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 from gross income gains on the sale of real property to first-time homebuyers by individuals who have attained age 65. 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 ``American Dream Act''. SEC. 2. EXCLUSION FROM GROSS INCOME OF GAINS ON THE SALE OF REAL PROPERTY TO FIRST-TIME HOMEBUYERS BY INDIVIDUALS WHO HAVE ATTAINED AGE 65. (a) In General.--Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 121 the following new section: ``SEC. 121A. EXCLUSION OF GAIN FROM SALE OF REAL PROPERTY TO FIRST-TIME HOMEBUYERS BY INDIVIDUALS WHO HAVE ATTAINED AGE 65. ``(a) In General.--In the case of an individual, gross income shall not include gain from the sale of real property if-- ``(1) the taxpayer (either spouse in the case of a joint return) has attained age 65 as of the date of such sale, ``(2) such sale is to a first-time homebuyer for use as such first-time homebuyer's principal residence (within the meaning of section 121), ``(3) the price at which such real property is sold does not e