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
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.
Plain-English summary
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
See H.R.2014.
Committees of jurisdiction
1