To amend the Internal Revenue Code of 1986 to allow the one-time exclusion on gain from the sale of a principal residence to be taken before age 55 if the taxpayer is permanently and totally disabled.

Amends the Internal Revenue Code to allow the one-time exclusion on gain from the sale of a principal residence to be taken before age 55 if the taxpayer is permanently and totally disabled.

 
HR 1076 IH
102d CONGRESS
1st Session
 H. R. 1076
To amend the Internal Revenue Code of 1986 to allow the one-time exclusion
on gain from the sale of a principal residence to be taken before age 55 if
the taxpayer is permanently and totally disabled.
IN THE HOUSE OF REPRESENTATIVES
February 21, 1991
Mr. PICKETT 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 allow the one-time exclusion
on gain from the sale of a principal residence to be taken before age 55 if
the taxpayer is permanently and totally disabled.
  Be it enacted by the Senate and House of Representatives of the United
  States of America in Congress assembled,
SECTION 1. EXCLUSION ON GAIN FROM SALE OF PRINCIPAL RESIDENCE IF TAXPAYER
IS PERMANENTLY AND TOTALLY DISABLED.
  (a) IN GENERAL- Paragraph (1) of section 121(a) of the Internal Revenue
  Code of 1986 (relating to 1-time exclusion of gain from sale of principal
  residence by individual who has attained age 55) is amended to read
  as follows:
  `(1) either--
  `(A) the taxpayer has attained the age of 55 before the date of such sale
  or exchange, or
  `(B) as of the date of such sale or exchange, the taxpayer is permanently
  and totally disabled (within the meaning of section 22(e)(3)), and'.
  (b) CONFORMING AMENDMENTS-
  (1) Paragraph (1) of section 121(d) of such Code is amended by inserting
  `or condition' after `age' each place it appears.
  (2)(A) The heading for section 121 of such Code is amended by striking
  `who has attained age 55' and inserting `in certain cases'.
  (B) The item relating to section 121 in the table of sections for part III
  of subchapter B of chapter 1 of such Code is amended by striking `who has
  attained age 55' and inserting `in certain cases'.
  (3) Sections 1033(h)(3), 1034(l), 1038(e)(1)(A), 1250(d)(7)(B), and 6012(c)
  of such Code are each amended by striking `who has attained age 55' and
  inserting `in certain cases'.
  (c) EFFECTIVE DATE- The amendments made by this section shall apply to
  sales or exchanges after December 31, 1991.