[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 4015 Introduced in Senate (IS)]








109th CONGRESS
  2d Session
                                S. 4015

 To amend the Internal Revenue Code of 1986 to increase the amount of 
         gain excluded from the sale of a principal residence.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 29, 2006

  Mr. Cornyn introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to increase the amount of 
         gain excluded from the 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 Ownership Protection Act of 
2006''.

SEC. 2. INCREASED EXCLUSION OF GAIN FROM SALE OF PRINCIPAL RESIDENCE.

    (a) In General.--Section 121(b) of the Internal Revenue Code of 
1986 (relating to exclusion of gain from sale of principal residence) 
is amended--
            (1) in paragraph (1), by striking ``$250,000'' and 
        inserting ``$350,000''; and
            (2) in paragraph (2)(A), by striking so much of such 
        paragraph as precedes clause (i) and inserting the following:
                    ``(A) $700,000 limitation for certain joint 
                returns.--Paragraph (1) shall be applied by 
                substituting `$700,000' for `350,000' if--''.
    (b) Effective Date.--The amendments made by subsection (a) shall 
apply to sales and exchanges after December 31, 2006, in taxable years 
ending after such date.
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