A bill to amend section 121 of the Internal Revenue Code of 1954 (relating to gain from sale or exchange of residence of individual who has attained age 65) to lower to 60 the age at which the benefits of that section may be elected and to increase the amount of gain which may be excluded under such section.

Reduces the age from 65 to 60 at which a taxpayer may elect, under the Internal Revenue Code, to exclude from gross income the gain from the sale or exchange of property held by him for a total of 5 years during the preceding 8 years.

Provides that if the adjusted sales price of the property sold or exchanged exceeds $30,000 (previously $20,000), the above exclusion shall apply to that portion of the gain which bears the same ratio to the total amount of such gain as $30,000 (previously $20,000) bears to such adjusted sales price. (Amends 26 U.S.C. 121(a), (b))