KINGSTON – The Ulster County Legislature has unanimously passed Resolution No. 454, calling on Congress to pass HR 1340, also known as the More Homes on the Market Act. When passed, this bill will raise the threshold before capital gains taxes set in on home sales from $250,000 to $500,000 for an individual and from $500,000 to $1,000,000 for joint filers following the sale of a primary residence.
“For nearly 30 years, the federal tax code has recognized that a family’s primary home is different from other investments. But the capital gains exclusion created in 1997 has never been updated, even as home values have risen dramatically. That can discourage longtime homeowners—particularly seniors who want to downsize—from selling, keeping homes off the market and further constraining our already limited housing supply. HR 1340 would double the exclusion and adjust it for inflation going forward. It will not solve the housing crisis by itself, but it is one practical piece of the affordability puzzle that could help free up existing homes, increase supply, and ease some of the pressure keeping prices high,” said Legislator Amy Dooley (District 9), Sponsor of Resolution No. 454.
According the 2025 Q4 Hudson Valley Pattern for Progress Housing Report, the 2025 median sale price of a single-family home in Ulster County rose to $450,000, an 81% or $202,000 increase since 2019, requiring more home sellers to pay the Capital Gains Tax, regardless of their income or price they bought their home for.
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