H.R.1340 and thoughts on impact to Irvine?

NEW -> Contingent Buyer Assistance Program
It will lead to more owners being willing to sell if they can minimize or eliminate the tax hit for doing so.... especially older owners that might want to downsize.
 
It is in the early phases (and stalled since Feb 2025) so no timeline yet.

From Gemini:

The Legislative Gauntlet: A Step-by-Step Breakdown​

For H.R. 1340 to become law, it must successfully navigate the following stages:
  1. Committee Consideration: The House Committee on Ways and Means is the first hurdle. The committee chair has the authority to decide which bills will be considered. This process typically involves public hearings, where experts and stakeholders provide testimony, followed by a "markup" session, where committee members can propose amendments and vote on whether to advance the bill. As of now, no hearings or markup have been scheduled for H.R. 1340. The committee's current agenda appears focused on broader economic issues, which could influence the timing of this bill's consideration.
  2. House Floor Debate and Vote: If the Committee on Ways and Means votes to approve H.R. 1340, it will then be sent to the full House of Representatives for debate and a vote. A simple majority is required for passage.
  3. Senate Scrutiny: Should the bill pass the House, it will then be transmitted to the Senate, where a similar process of committee referral, hearings, markup, and a full chamber vote will take place. The relevant committee in the Senate would likely be the Finance Committee.
  4. Reconciling Differences: If the Senate passes a version of the bill that differs from the House version, a conference committee composed of members from both chambers would be convened to negotiate a compromise. The final, unified bill would then need to be passed by both the House and the Senate.
  5. Presidential Action: Once an identical bill has been approved by both chambers of Congress, it is sent to the President's desk. The President can sign the bill into law, veto it, or allow it to become law without a signature after a specific period.
Click to expand...
From Grok:
Overall, if the bill gains momentum, it could potentially become law within 1–2 years from introduction (i.e., by late 2026), but this is speculative. Advocacy from groups like the National Association of REALTORS® (NAR) is building support, with expectations of possible action later in 2025. However, without committee movement, the bill may stall indefinitely or die at the end of the 119th Congress (January 3, 2027), requiring reintroduction in a future session.
Click to expand...
 
You must log in or register to reply here.
Back
Top