Jimmy Panetta’s March 2026 Remarks About His More Homes On The Market Act

Video courtesy of Tracy Thu Nguyen, Golden Summit Wealth

Earlier this week I had the chance to hear Congressman Jimmy Panetta speak at the Evergreen Rotary Club in San Jose. He’s the author of the More Homes on the Market Act, which would double the federal capital gains exclusion on the sale of a primary residence, from $250,000 to $500,000 for single homeowners and from $500,000 to $1 million for married couples. If you haven’t read my deep dive on the bill yet, go check that out first. The short version: for long-time Bay Area homeowners, this thing could be a very big deal.

I’ve seen Panetta around at various events over the years and I’ve heard him talk about this legislation before. But I’d been hearing through the REALTOR® grapevine that there was a real possibility the bill could come up for a vote this summer, maybe June or July of 2026. So when the floor opened up for questions, I did what any self-respecting REALTOR® serving longtime Silicon Valley homeowners would do.

I asked him directly:  has this Act been scored by the Congressional Budget Office?  And, what are the chances we’ll see it become law this year?

His reaction was actually kind of funny. He looked at me and said, “Are you a REALTOR®?” Could be it was the sport coat and slacks that gave me away, or it could be that he probably gets asked this question by a REALTOR® every time he turns around.

Sell As-Is. Sell Easy. Sell Smart!

Here’s what he shared:

The bill has been scored. The Congressional Budget Office came in with a price tag of $44 billion over ten years. That’s not nothing, and Panetta was pretty candid that a bill with that kind of cost isn’t likely to pass on its own. The funding question is real, and any version that actually crosses the finish line will probably need to be attached to a larger piece of legislation, most likely something that comes out of the Ways and Means Committee dealing with the tax code. He’s watching for that vehicle.

There may be tweaks. To help offset the cost, Panetta mentioned a couple of possible modifications. One idea is an age cap, so you’d need to be in your 60s or older to qualify for the increased exclusion (not often a problem for long-time Bay Area homeowners). Another is a time-based requirement, meaning you’d need to have owned and lived in the home for a certain number of years (also not a problem in most cases). Neither of those changes is final, and they’re still being debated, but both are on the table. Honestly, given that the bill is specifically designed to help long-time homeowners, those kinds of qualifications would still capture most of the people who need the relief most.

He’s optimistic, but he wouldn’t give odds. I tried to pin him down on timeline. Was there a real chance this passes in 2026? He wouldn’t bite. He said he can’t predict what’s going to happen next week in Washington DC, let alone over the next few months. I appreciated the honesty. What he did say is that the bill has strong bipartisan support and that the colleagues he works with, the ones who actually care about getting things done for their constituents rather than performing for cable news, are behind it. He seemed genuinely energized about it.

But sadly, the summer 2026 timeline I’d been hearing about didn’t come up at all in his remarks, and when I asked directly, he didn’t validate it. So I’d pump the brakes on that expectation a little. Maybe a lot. This is Washington, and to say it’s a fluid situation in that town these days is an understatement.

What this means for you right now

If you’re a long-time Bay Area homeowner who has been putting off a sale because the capital gains math felt too painful, this bill is worth following. It hasn’t passed yet, and there’s no guarantee it every will, especially not in its current form. But between the bipartisan support, the NAR backing, and the fact that it directly addresses one of the loudest complaints from homeowners and housing advocates alike, it’s further along than a lot of legislation ever gets.

In the meantime, the current rules are still the current rules. There are strategies available today to reduce your exposure, and understanding your tax picture before you decide anything is always the right first move. Every homeowner’s situation is different, and the numbers sometimes look better or worse than people expect before they actually run them.

If you want to talk through what selling might look like for you, I’m happy to have that conversation. No pressure, no pitch. Just a real look at the numbers.

Call or text me at 408-596-1623, or book a call here.

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