Congressman Mike Kelly is reintroducing legislation that he believes will help create more affordable housing.
The bill is called “More Homes on the Market Act” and it aims to update the tax code to incentivize homeowners to downsize.
Kelly says the bill would raise the capital gains tax exclusion on the sale of homes so possible-sellers are not taking a financial hit if they are planning on downsizing.
Kelly adds that the capital gains thresholds haven’t changed since 1997, which he says the number now doesn’t accurately reflect inflation.
The bill has bipartisan support.