To amend the Internal Revenue Code of 1986 to exclude from gross income up to $500,000 of gain on the sale of a principle residence and up to $500,000 of gain on the sale of farmland.

Amends the Internal Revenue Code to revise rules concerning the exclusion from gain on the sale of a principal residence and on the sale of farmland, including providing for an exclusion of up to $500,000 in gains.