American Dream Act

This bill would change federal tax law so that people age 65 or older would not pay income tax on the profit from selling real property to a first-time homebuyer. The sale price could not be more than $500,000, and the buyer would have to state in the closing documents, under penalty of perjury, that they are a first-time homebuyer who will live in the home as their main residence. A first-time homebuyer is someone who, along with their spouse, has never owned a main residence before. The existing home-sale tax exclusion would not apply to sales covered by this new rule. The rule would apply to sales after December 31, 2026, and end after December 31, 2031.

Full text and official record on Congress.gov

Sponsors

• John J. McGuire III Republican sponsor
• 12 cosponsors