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HR 1391 105th Congress House Taxation Age Capital gains tax Home ownership Housing and Community Development Housing finance Income tax Personal income tax Social Welfare Tax exclusion

Principal Residence Tax Exclusion Act of 1997

Introduced: April 17, 1997 See on congress.gov
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This bill died when the 105th Congress ended
It never became law before the 105th Congress (1997–1998) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 5, 1997
See H.R.2014.
Apr 17, 1997
Introduced in House
Apr 17, 1997
Referred to the House Committee on Ways and Means.
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 Plain-English summary Congressional Research Service

Principal Residence Tax Exclusion Act of 1997 - Amends the Internal Revenue Code to replace the existing one-time exclusion of up to $125,000 of gain from the sale of a principal residence by a person at least 55 years old with an exclusion of gain of up to $250,000 ($500,000 for qualifying joint return) for a qualifying sale of a principal residence regardless of the person's age.

Applies such exclusion to only one sale or exchange every two years. Repeals the provision providing for nonrecognition of gain on principal residence rollovers.

What's happening now August 5, 1997

See H.R.2014.

 Related & companion bills 2
  • S 840 Identical bill Principal Residence Tax Exclusion Act of 1997
  • HR 2014 Procedurally related Taxpayer Relief Act of 1997
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 1 Republican 1
R
Calvert, Ken
California · Jun 18, 1997
 D
Sherman, Brad
California · Jun 18, 1997
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 1391: Principal Residence Tax Exclusion Act of 1997. 105th Congress. Open America. https://openamerica.io/bill/105-HR-1391/
MLA
"H.R. 1391: Principal Residence Tax Exclusion Act of 1997." 105th Congress, 2026, Open America, https://openamerica.io/bill/105-HR-1391/.
Bluebook (legal)
H.R. 1391, 105th Cong. (2026), https://openamerica.io/bill/105-HR-1391/.
Markdown link
[H.R. 1391: Principal Residence Tax Exclusion Act of 1997](https://openamerica.io/bill/105-HR-1391/)
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