If a family with two or more children sells an apartment to improve its housing conditions, income from the transaction will be exempt from personal income tax. The State Duma has adopted the relevant law. The Russian President instructed that these changes be approved in July this year. Under the new law, families will not have to pay 13% tax if the proceeds from selling the apartment are spent within the year on better housing. This means that the total area of the purchased home must exceed that of the home sold, and the cadastral value of the purchase must not exceed 50 million rubles. Dmitry Vyatkin, First Deputy Head of the United Russia parliamentary faction, clarified that families owning the home being sold will be exempt regardless of how many years they owned it. He noted another detail: ‘Families with two or more children under 18, or students under 24, will not pay income tax.’ State Duma Speaker Vyacheslav Volodin said the law is necessary because housing is often an urgent issue for families with two or more children. ‘Children grow up, attend kindergarten and school. At every stage a family needs more living space,’ he added, ‘not to mention when another baby arrives.’