[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 755 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 755

To amend the Internal Revenue Code of 1986 to exclude from gross income 
   the gain from the sale or exchange of certain residences acquired 
                              before 2013.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 28, 2009

 Mr. Calvert 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 exclude from gross income 
   the gain from the sale or exchange of certain residences acquired 
                              before 2013.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. EXCLUSION FROM GROSS INCOME FOR GAIN FROM SALE OR EXCHANGE 
              OF CERTAIN RESIDENCES ACQUIRED BEFORE 2013.

    (a) In General.--Part III of subchapter B of chapter 1 of the 
Internal Revenue Code of 1986 (relating to items specifically excluded 
from gross income) is amended by inserting after section 121 the 
following new section:

``SEC. 121A. EXCLUSION OF GAIN FROM SALE OF 2 NON-PRINCIPAL RESIDENCES.

    ``(a) Exclusion.--In the case of an individual, gross income shall 
not include gain from the sale or exchange of a qualified residence 
owned by the taxpayer.
    ``(b) Limitations.--
            ``(1) In general.--The amount of gain excluded from gross 
        income under subsection (a) with respect to any sale or 
        exchange shall not exceed $250,000 ($500,000 in the case of a 
        joint return).
            ``(2) Special rule for certain sales by surviving 
        spouses.--In the case of a sale or exchange of property by an 
        unmarried individual whose spouse is deceased on the date of 
        such sale, paragraph (1) shall be applied by substituting 
        `$500,000' for `$250,000' if such sale occurs not later than 2 
        years after the date of death of such spouse.
            ``(3) Limitation based on number of residences.--Subsection 
        (a) shall apply only with respect to 2 qualified residences of 
        the taxpayer.
    ``(c) Qualified Residence.--For purposes of this section, the term 
`qualified residence' means a single family residence which is--
            ``(1) owned by the taxpayer,
            ``(2) not the principal residence (within the meaning of 
        section 121) of the taxpayer,
            ``(3) located in the United States, and
            ``(4) acquired by the taxpayer after December 31, 2008, and 
        before January 1, 2012.
    ``(d) Applicable Rules.--For purposes of this section, rules 
similar to the following rules of section 121 shall apply:
            ``(1) Paragraphs (1), (4), (5), (6), (8), and (11) of 
        section 121(d).
            ``(2) Subsection (e).
            ``(3) Subsection (f).''.
    (b) Clerical Amendment.--The table of sections for part III of 
subchapter B of chapter 1 of such Code is amended by inserting after 
the item relating to section 121 the following new item:

``Sec. 121A. Exclusion of gain from sale of 2 non-principal 
                            residences.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to property acquired after December 31, 2008.
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