To amend the Internal Revenue Code of 1986 to provide that gain on the sale of a principal residence shall be excluded from gross income without regard to the age of the taxpayer or the amount of the gain.
Homeowners Relief Act of 1996 - Amends the Internal Revenue Code to exclude gain from the sale or exchange of a principal residence by an individual from gross income if, during the seven-year period ending before the sale or exchange, such residence has been owned and used by the taxpayer as the taxpayer's principal residence for periods aggregating five years or more. (Currently, the exclusion has a dollar limitation, is applicable to only one sale, and is available only to an individual who has attained the age of 55 and has used the property as a principal residence for three of the five years preceding the sale.)
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E982)
Referred to the House Committee on Ways and Means.
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