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
Plain-English summary
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
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1
Cosponsors
1