[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1922 Introduced in House (IH)]
108th CONGRESS
1st Session
H. R. 1922
To amend the Internal Revenue Code of 1986 to provide a one-time
increase in the amount excludable from the sale of a principal
residence by taxpayers who have attained age 50.
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IN THE HOUSE OF REPRESENTATIVES
May 1, 2003
Mr. Filner introduced the following bill; which was referred to the
Committee on Ways and Means
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A BILL
To amend the Internal Revenue Code of 1986 to provide a one-time
increase in the amount excludable from the sale of a principal
residence by taxpayers who have attained age 50.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Fair Taxes for Seniors Act''.
SEC. 2. INCREASE IN EXCLUSION OF GAIN FROM SALE OF PRINCIPAL RESIDENCE
BY TAXPAYERS WHO HAVE ATTAINED AGE 50.
(a) In General.--Subsection (b) of section 121 of the Internal
Revenue Code of 1986 (relating to limitation on exclusion of gain from
sale of principal residence) is amended by adding at the end the
following new paragraph:
``(4) Taxpayers who have attained age 50.--
``(A) In general.--At the election of the taxpayer
who has attained the age of 50 before the date of a
sale or exchange to which subsection (a) applies--
``(i) paragraphs (1) and (2) shall be
applied by substituting `$500,000' for
`$250,000', and
``(ii) paragraph (2) shall be applied by
substituting `$1,000,000' for `$500,000'.
``(B) Special rule for joint returns.--In the case
of a joint return, if one spouse satisfies the age
requirement of subparagraph (A), then both husband and
wife shall be treated as satisfying such requirement.
``(C) Application to only one sale or exchange.--
Subparagraph (A) shall not apply to any sale or
exchange by the taxpayer if an election by the taxpayer
or his spouse under subparagraph (A) with respect to
any other sale or exchange is in effect.
``(D) Election.--An election under subparagraph (A)
may be made or revoked at any time before the
expiration of the period for making a claim for credit
or refund of the tax imposed by this chapter for the
taxable year in which the sale or exchange occurred,
and shall be made or revoked in such manner as the
Secretary shall by regulations prescribe. In the case
of a taxpayer who is married, an election under
subparagraph (A) or a revocation thereof may be made
only if his spouse joins in such election or
revocation.''.
(b) Effective Date.--The amendment made by this section shall apply
to sales and exchanges after the date of the enactment of this Act.
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