Congress unlikely to pass home-sale capital gains cut before midterms, insiders say

Prospects for a bill reducing capital gains tax on residential sales before the November midterms appear bleak. Although some conservatives argue the change would help families and boost Republican prospects, the tight legislative calendar limits progress. House Ways and Means Chairman Jason Smith indicated that only the lame-duck session after the election could accommodate such measures, and Rep. Blake Moore cautioned that budgetary constraints would make swift passage unlikely.

President Donald Trump is said to be weighing a call for Congress to act, but officials stress the political capital required may be too costly. Meanwhile, a bipartisan effort, the More Homes on the Market Act, seeks to double the exclusion to $1 million, and recent housing legislation aims to streamline affordable-housing development.