A bill to amend the Internal Revenue Code of 1954 to allow an individual to exclude from gross income the gain from the sale or exchange of the individual's principal residence.

Summary

Amends the Internal Revenue Code to allow a taxpayer a single election to exclude from gross income the gain from the sale or exchange of the taxpayer's principal residence provided that the taxpayer has owned and used the property as his principal residence for at least 12 months. Eliminates the requirement that the taxpayer reach age 65 before the date of the sale or exchange.

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

Timeline

1. 29 June 1978

   Introduced

   Referred to Senate Committee on Finance.

   Source: IntroReferral

2. 29 June 1978

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 29 June 1978

  Open at official source

Sponsors

• Sen. Roth Jr., William V. [R-DE] · R · Sponsor
• Sen. Zorinsky, Edward [D-NE] · D · Cosponsor
• Sen. Garn, E. J. (Jake) [R-UT] · R · Cosponsor
• Sen. Tower, John G. [R-TX] · R · Cosponsor
• Sen. McIntyre, Thomas J. [D-NH] · D · Cosponsor
• Sen. Bellmon, Henry L. [R-OK] · R · Cosponsor
• · ssfi00 · Standing

Related records

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