A bill to amend section 121 of the Internal Revenue Code of 1954 to increase from $20,000 to $40,000 the amount to which the adjusted sales price of a residence of an individual over age 65 is compared for purposes of determining the amount to be excluded from gross income.

Amends the Internal Revenue Code to increase from $20,000 to $40,000 the amount to which the adjusted sales price of a residence of an individual over age 65 shall be compared for purposes of determining the amount of gain which shall be excluded from gross income in the case of a sale or exchange of such principal residence.