H.R. 331 — Fair Taxes for Seniors Act of 2011

Summary

Fair Taxes for Seniors Act of 2011- Amends the Internal Revenue Code to provide a one-time increase (from $250,000 to $500,000, or from $500,000 to $1 million for married taxpayers filing joint returns) in the exclusion of gain from the sale of a principal residence by a taxpayer who has attained the age of 50 before such sale. Provides that in the case of a joint return, only one spouse need satisfy the age requirement.

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Legislative Actions

2011-01-19
Introduced in House
2011-01-19
Introduced in House
2011-01-19
Referred to the House Committee on Ways and Means.
2011-01-24
Sponsor introductory remarks on measure. (CR E97)

Fair Taxes for Seniors Act of 2011

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Summary

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