Congressman Mike Kelly is co-sponsoring a bipartisan bill that looks to address ongoing housing affordability issues.
The Republican from Butler recently announced that the bill, known as the More Homes on the Market Act, would amend the tax code to provide incentives to those considering selling their home.
The bill would increase the sales gain tax exclusion to $500,000 for single filers and $1 million for joint filers.
Currently, residents who are selling a home can only exclude $250,000 in gains from capital gains taxes or $500,000 for a couple filing jointly. This number was last adjusted in 1997 and does not factor in inflation.
