S 1281 114th Congress Senate

HOME Act

Official title: A bill to amend the Internal Revenue Code of 1986 to provide a standard home office deduction.

Introduced: May 11, 2015 See on congress.gov

Taxation Business investment and capitalHousing finance and home ownershipIncome tax deductionsInflation and prices

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

May 11, 2015

Read twice and referred to the Committee on Finance.

May 11, 2015

Introduced in Senate

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Latest action May 11, 2015

Read twice and referred to the Committee on Finance.

Plain-English summary Congressional Research Service

Helping Our Middle-Class Entrepreneurs Act or the HOME Act

Amends the Internal Revenue Code to allow a taxpayer who uses a residence to conduct a trade or business a standard tax deduction equal to the lesser of $1,500 or the taxpayer's gross trade or business income derived from the business use of such residence. Provides for an inflation adjustment to the standard deduction amount in calendar years beginning after 2015.

Related & companion bills 1

Bill text 1 version