[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4254 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 4254

   To amend the Internal Revenue Code of 1986 to provide a one-time 
    increase in the amount excludable from the sale of a principal 
            residence by taxpayers who have attained age 50.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            December 4, 2007

  Mr. Filner 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 provide a one-time 
    increase in the amount excludable from the sale of a principal 
            residence by taxpayers who have attained age 50.

    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 ``Fair Taxes for Seniors Act of 
2007''.

SEC. 2. INCREASE IN EXCLUSION OF GAIN FROM SALE OF PRINCIPAL RESIDENCE 
              BY TAXPAYERS WHO HAVE ATTAINED AGE 50.

    (a) In General.--Subsection (b) of section 121 of the Internal 
Revenue Code of 1986 (relating to limitation on exclusion of gain from 
sale of principal residence) is amended by adding at the end the 
following new paragraph:
            ``(4) Taxpayers who have attained age 50.--
                    ``(A) In general.--At the election of the taxpayer 
                who has attained the age of 50 before the date of a 
                sale or exchange to which subsection (a) applies--
                            ``(i) paragraph (2) shall be applied by 
                        substituting `$1,000,000' for `$500,000', and
                            ``(ii) paragraphs (1) and (2) shall be 
                        applied by substituting `$500,000' for 
                        `$250,000'.
                    ``(B) Special rule for joint returns.--In the case 
                of a joint return, if one spouse satisfies the age 
                requirement of subparagraph (A), then both husband and 
                wife shall be treated as satisfying such requirement.
                    ``(C) Application to only one sale or exchange.--
                Subparagraph (A) shall not apply to any sale or 
                exchange by the taxpayer if an election by the taxpayer 
                or his spouse under subparagraph (A) with respect to 
                any other sale or exchange is in effect.
                    ``(D) Election.--An election under subparagraph (A) 
                may be made or revoked at any time before the 
                expiration of the period for making a claim for credit 
                or refund of the tax imposed by this chapter for the 
                taxable year in which the sale or exchange occurred, 
                and shall be made or revoked in such manner as the 
                Secretary shall by regulations prescribe. In the case 
                of a taxpayer who is married, an election under 
                subparagraph (A) or a revocation thereof may be made 
                only if his spouse joins in such election or 
                revocation.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to sales and exchanges after the date of the enactment of this Act.
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