110 HR 4132 IH: Homeowners Exemption Update Act of U.S. House of Representatives 2007-11-09 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.

I 110th CONGRESS 1st Session H. R. 4132 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 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.

1.

Short title

This Act may be cited as the Homeowners Exemption Update Act of 2007.

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.