WASHINGTON D.C.- Congressman Mike Lawler (R, NY-17) and Congressman Josh Gottheimer (D, NJ-5) have introduced bipartisan legislation designed to make it easier for longtime homeowners to move without facing an immediate tax burden.
The American Home Mobility Act would expand existing tax-deferral benefits to include personal residences, potentially allowing homeowners to relocate without an immediate tax hit.
Lawler said the measure could help ease housing shortages in the Hudson Valley by encouraging longtime homeowners to move into homes that better fit their needs, freeing up houses for younger families and first-time buyers.
Gottheimer said the legislation would also benefit seniors looking to downsize or move closer to family without facing a significant tax penalty.
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