S 1281
114th Congress
Senate
Taxation
Business investment and capital
Housing finance and home ownership
Income tax deductions
Inflation and prices
HOME Act
Introduced: May 11, 2015
See on congress.gov
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
Plain-English summary
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.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1
Cosponsors
1