A growing, bipartisan push in Congress would reduce — or eliminate — capital gains tax on the sale of a primary home. If enacted, the proposals would have an outsize impact in the Bay Area, where an unusually large share of homes have risen significantly in value in past years.
Under current law, homeowners who sell their primary home pay no tax on their first $250,000 (single filers) or $500,000 (married filing jointly) in net profits. Anything over that is taxed as a capital gain.
At least seven bills, most introduced since President Donald Trump mused about the idea last July, would double the current exemption, remove the ceiling entirely or make more modest changes to the capital gains rule…