HR 242
105th Congress
House
Taxation
Capital gains tax
Families
Home ownership
Housing and Community Development
Housing finance
Income tax
Married people
Personal income tax
Social Welfare
Tax exclusion
To amend the Internal Revenue Code of 1986 to eliminate the marriage penalty under the one-time exclusion of gain on the sale of a principal residence by an individual who has attained age 55.
Introduced: January 7, 1997
Introduced by:
Neal, Richard E.
Democratic
· Massachusetts
See on congress.gov
Everywhere this bill has been
4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 5, 1997
See H.R.2014.
Jan 7, 1997
Referred to the House Committee on Ways and Means.
Jan 7, 1997
Sponsor introductory remarks on measure. (CR E17)
Jan 7, 1997
Introduced in House
Plain-English summary
Amends the Internal Revenue Code, with respect to limitations on the one-time exclusion of gain from the sale of a principal residence by an individual who has attained age 55, to disregard such an election by one married individual (for purposes of determining whether an election may be made by the individual's spouse with respect to property owned by the spouse before the date of marriage) with respect to a sale or exchange: (1) before the date of marriage; or (2) on or after the date of marriage of property owned by such individual before such date. Allows a separate dollar limitation for each election permitted under this provision.
What's happening now
See H.R.2014.
Committees of jurisdiction
1