3.0.0 3366 2023-01-11T13:37:22Z 2023-01-11T13:37:22Z House HR 2017-07-24 115 [Congressional Record Volume 163, Number 124 (Monday, July 24, 2017)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. GOTTHEIMER:H.R. 3366.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 3 of the United StatesConstitution[Page H6214]]]> hswm00 Ways and Means Committee House Standing Referred to 2017-07-24T16:00:45Z 2017-07-24 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2017-07-24 Introduced in House IntroReferral Intro-H 9 Library of Congress 2017-07-24 Introduced in House IntroReferral 1000 9 Library of Congress G000583 Rep. Gottheimer, Josh [D-NJ-5] Josh Gottheimer D NJ 5 N K000386 Rep. Katko, John [R-NY-24] John Katko R NY 24 2017-07-24 True Taxation Employee benefits and pensions Housing finance and home ownership Income tax deferral Income tax exclusion Taxation 00 2017-07-24 Introduced in House 2018-01-05T12:56:50Z Senior Housing Improvement and Retirement Accounts Act of 2017 or the Senior Housing IRA Act of 2017

This bill amends the Internal Revenue Code, with respect to the tax treatment of gains from the sale or exchange of a principal residence, to: (1) allow a qualified individual to contribute the gains from the sale or exchange to a Roth Individual Retirement Arrangement (IRA) as a qualified rollover contribution which is exempt from contribution limits, and (2) increase the $250,000 limit on the exclusion from gross income for gains from the sale of a principal residence by the amount of the rollover contribution.

The bill applies to individuals who: (1) have attained the age of 55 before the date of the sale or exchange, (2) have owned and used the property as a principal residence for at least 20 years, and (3) have not previously elected to treat a contribution to a Roth IRA as a qualified rollover contribution under the authority provided by this bill.

]]> Senior Housing IRA Act of 2017 Display Title Senior Housing IRA Act of 2017 Official Title as Introduced To amend the Internal Revenue Code of 1986 to allow, in certain cases, an increase in the limitation on the exclusion for gains from a sale or exchange of a principal residence. Introduced in House IH Short Titles as Introduced Senior Housing IRA Act of 2017 Short Titles as Introduced Senior Housing Improvement and Retirement Accounts Act of 2017 Introduced in House 2017-07-24T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr3366ih/xml/BILLS-115hr3366ih.xml 2017-07-24 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.