A bill to provide, for purposes of the Federal income tax, that the one-time exclusion from gross income of gain from the sale of a principal residence by an individual who has attained age 55 shall apply to sales and exchanges after December 31, 1977.

Amends the Revenue Act of 1978 to provide that the one-time exclusion from gross income of the gain from the sale of a principal residences by an individual age 55 or over shall apply to sales and exchanges after December 31, 1977, instead of July 26, 1978.