To amend the Internal Revenue Code of 1986 to eliminate the dollar limitations on the exclusion of gain from sales of principal residences, and for other purposes.

H.R. 7034 would amend the tax code to eliminate dollar limitations on the exclusion of gains from the sale of a principal residence. Currently, homeowners can exclude up to $250,000 of profit from the sale of their home from federal income taxes if they meet certain ownership and use requirements, or up to $500,000 for married couples filing jointly. This bill would remove those caps entirely, potentially allowing homeowners to exclude unlimited amounts of profit from home sales without paying capital gains taxes. If enacted, this could significantly reduce tax liability for homeowners who sell properties at substantial profits, particularly in high-value real estate markets. The bill is currently in committee and has not yet been voted on by the full House.