[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 49 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                 H. R. 49

To amend the Internal Revenue Code of 1986 to permit losses on sales of 
certain prior principal residences to offset gain on a subsequent sale 
                       of a principal residence.


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                    IN THE HOUSE OF REPRESENTATIVES

                            January 5, 1993

  Mr. Archer introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to permit losses on sales of 
certain prior principal residences to offset gain on a subsequent sale 
                       of a principal residence.

    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 ``Home Sale Tax Fairness Act of 
1993''.

SEC. 2. LOSSES ALLOWED AGAINST GAIN RECOGNIZED ON SALE OF PRINCIPAL 
              RESIDENCE.

    Section 1001 of the Internal Revenue Code of 1986 (relating to 
determination of amount of and recognition of gain or loss) is amended 
by redesignating subsection (f) as subsection (g) and by inserting 
after subsection (e) the following new subsection:
    ``(f) Losses Allowed Against Gain Recognized on Sale of Principal 
Residence.--In the case of an individual, the amount of gain which 
would (but for this subsection) be recognized on the sale or exchange 
after December 31, 1993, of a principal residence of such individual 
shall be reduced (but not below zero) by the aggregate of the losses 
(if any) sustained by such individual on the sale or exchange after the 
date of the enactment of this subsection of prior principal residences 
of such individual which were not allowed as a deduction and which were 
not previously taken into account under this subsection. For purposes 
of the preceding sentence, the term `principal residence' has the same 
meaning as when used in section 1034.''

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