[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4132 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 4132

To amend the Internal Revenue Code of 1986 to increase the exclusion of 
 gain from the sale or exchange of a principal residence to $1,000,000.


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                    IN THE HOUSE OF REPRESENTATIVES

                            November 9, 2007

  Mr. Kirk (for himself, Mr. Roskam, and Mrs. Biggert) 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 increase the exclusion of 
 gain from the sale or exchange of a principal residence to $1,000,000.

    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 ``Homeowners Exemption Update Act of 
2007''.

SEC. 2. EXCLUSION OF GAIN FROM SALE OR EXCHANGE OF PRINCIPAL RESIDENCE 
              INCREASED TO $1,000,000.

    (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 
        ``$500,000'', and
            (2) in paragraph (2)(A), by striking all that precedes 
        clause (i) and inserting the following:
                    ``(A) $1,000,000 limitation for certain joint 
                returns.--Paragraph (1) shall be applied by 
                substituting `$1,000,000' for `$500,000' if--''.
    (b) Effective Date.--The amendments made by subsection (a) shall 
apply to sales and exchanges after the date of the enactment of this 
Act in taxable years ending after such date.
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