A bill to amend the Internal Revenue Code of 1954 with respect to the exclusion from income of gain from the sale of an individual's principal residence.

Amends the Internal Revenue Code to allow a one-time tax exclusion of up to $100,000 of the gain from the sale or exchange of a property used by a taxpayer as his principal residence for at least two years during the three year period prior to the date of the sale or exchange.