S 290 115th Congress Senate Taxation Business investment and capital Housing finance and home ownership Income tax deductions Inflation and prices

HOME Act

Introduced: February 2, 2017 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Feb 2, 2017

Read twice and referred to the Committee on Finance.

Feb 2, 2017

Introduced in Senate

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Plain-English summary Congressional Research Service

Helping Our Middle-Class Entrepreneurs Act or the HOME Act

This bill 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. The bill provides for an inflation adjustment to the standard deduction amount in calendar years beginning after 2017.

What's happening now February 2, 2017

Read twice and referred to the Committee on Finance.

Related & companion bills 1

Bill text 1 version