A bill to amend section 121 of the Internal Revenue Code of 1954 to increase from $20,000 to $40,000 the amount to which the adjusted sales price of a residence of an individual over age 65 is compared for purposes of determining the amount to be excluded from gross income.

referredUnited States· United States Congress· EN

Introduced

28 January 1976

Last action

—

Status

Referred to House Committee on Ways and Means.

Summary

Amends the Internal Revenue Code to increase from $20,000 to $40,000 the amount to which the adjusted sales price of a residence of an individual over age 65 shall be compared for purposes of determining the amount of gain which shall be excluded from gross income in the case of a sale or exchange of such principal residence.

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Documents

1 official file

Introduced in House
summary · EN · 28 January 1976
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/94th-congress/house-bill/11567
Open data entity: https://api.congress.gov/v3/bill/94/hr/11567