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co.mments
HR 4132 IH
To amend the Internal Revenue Code of 1986 to increase the exclusion of gain from the sale or exchange of a principal residence to $1,000,000.
November 9, 2007
Mr. KIRK (for himself, Mr. ROSKAM, and Mrs. BIGGERT) introduced the following bill; which was referred to the Committee on Ways and Means
To amend the Internal Revenue Code of 1986 to increase the exclusion of gain from the sale or exchange of a principal residence to $1,000,000.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the `Homeowners Exemption Update Act of 2007'.
SEC. 2. EXCLUSION OF GAIN FROM SALE OR EXCHANGE OF PRINCIPAL RESIDENCE INCREASED TO $1,000,000.
(a) In General- Section 121(b) of the Internal Revenue Code of 1986 (relating to exclusion of gain from sale of principal residence) is amended--
(1) in paragraph (1) by striking `$250,000' and inserting `$500,000', and
(2) in paragraph (2)(A), by striking all that precedes clause (i) and inserting the following:
`(A) $1,000,000 LIMITATION FOR CERTAIN JOINT RETURNS- Paragraph (1) shall be applied by substituting `$1,000,000' for `$500,000' if--'.
(b) Effective Date- The amendments made by subsection (a) shall apply to sales and exchanges after the date of the enactment of this Act in taxable years ending after such date.
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