A bill to amend the Internal Revenue Code of 1954 to provide that certain sales of condominiums or stock in cooperative housing corporations will qualify for the one-time exclusion of gain from sale of principal residence.

Amends the Internal Revenue Code to qualify certain sales of condominiums or stock in cooperative housing corporations for the one-time exclusion of gain from the sale of a principal residence by individuals who have attained age 55. Requires that the taxpayer occupied the dwelling unit as a principal residence before the building was converted to a condominium or cooperative.