A bill to amend the Internal Revenue Code of 1954 to allow an exclusion of gain from the sale of any principal residence of an individual.

Amends the Internal Revenue Code to replace the one-time $100,000 exclusion from gross income of gain from the sale or exchange of a principal residence by taxpayers aged 55 with an unlimited tax exclusion of gain resulting from the sale of any residence which was owned and used by a taxpayer as his or her principal residence.

Repeals provisions which allow a deferral of the tax on the gain from the sale of a principal residence.