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United States · Bill · HR

H.R. 7378 (96th)

A bill to amend the Internal Revenue Code of 1954 to provide for nonrecognition of gain of the sale of the principal residence of the taxpayer where the taxpayer's cost of purchasing the new residence is not more than $100,000 less than the taxpayer's adjusted sales price of the old residence, and to extend the rollover period to 60 months.

referredUnited States· United States Congress· EN

Introduced

15 May 1980

Last action

15 May 1980 · Introduced

Status

Referred to House Committee on Ways and Means.

Sponsors

Rep. Sabo, Martin Olav [D-MN-5], Rep. Beilenson, Anthony C. [D-CA-24], Rep. Coelho, Anthony Lee [D-CA-15], Rep. Fazio, Vic [D-CA-3], Rep. Frost, Martin [D-TX-24], Rep. Kogovsek, Ray [D-CO-3], Rep. Porter, John Edward [R-IL-10], Rep. Vento, Bruce F. [D-MN-4], Rep. Ertel, Allen E. [D-PA-17], Rep. McHugh, Matthew F. [D-NY-28], Rep. Oberstar, James L. [D-MN-8]

Subjects

Taxation

Source updated

7 February 2024

Taxation

Official sourceView documentsShare

Summary

Amends the Internal Revenue Code to permit the nonrecognition of gain from the sale or exchange of a taxpayer's principal residence even though the purchase price of a new residence is less than the adjusted sales price of the old residence. Specifies that the purchase price of the new residence may not be more than $100,000 less the adjusted sales price of the old residence. Extends from 18 to 30 months the period (rollover period) during which a taxpayer must reinvest the proceeds from the sale of a residence in a new residence in order to qualify for the nonrecognition of any gain.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 15 May 1980

    Introduced

    Referred to House Committee on Ways and Means.

    Source: IntroReferral

  2. 15 May 1980

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 15 May 1980

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

Leesvertaling

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Sponsors

Related records

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Sources

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