HOUSE 836115th CongressReferred to the House Committee on Ways and Means.

HOME Act

Last Action: 2/2/2017

Actions

2017-02-02Referred to the House Committee on Ways and Means.
2017-02-02Introduced in House
2017-02-02Introduced in House

CRS Summary

As of 2017-02-02 (00)

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.

Subjects

Business investment and capital
Housing finance and home ownership
Income tax deductions
Inflation and prices

Read on Congress.gov

Sourced from Congress.gov (public domain).

This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.