Washington, June 1 -- Congresswoman Nicole Malliotakis issued the following press release:
Congresswoman Nicole Malliotakis introduced H.R. 9064, the Nest Egg Protection Act, legislation to lower the capital gains tax burden for seniors selling their homes, allowing them to keep more of their hard-earned equity while helping bring more homes onto the market.
In New York's 11th Congressional District, where the median home price is over $700,000, many seniors who purchased their homes decades ago may face significant capital gains tax liability if they choose to sell or downsize. Under current law, individuals may exclude up to $250,000 in capital gains from federal taxes on the sale of their primary residence, while joint filers may exclu...