H.R. 1286 (105th): Principal Residence Tax Exclusion Act of 1997

Introduced:
Apr 10, 1997 (105th Congress, 1997–1998)
Sponsor:
Rep. Jon Fox [R-PA13]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on April 10, 1997, in a previous session of Congress, but was not enacted.

Progress
Introduced Apr 10, 1997
Cosponsors
none
Committees

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend the Internal Revenue Code of 1986 to provide an exemption from tax for gain on sale of a principal residence.

Summary

No summaries available.

Text

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Last updated Apr 10, 1997.
13 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

4/10/1997--Introduced.
Principal Residence Tax Exclusion Act of 1997 - Amends the Internal Revenue Code to replace the existing one-time exclusion of up to $125,000 of gain from the sale of a principal residence by a person at least 55 years old with an exclusion of gain of up to $250,000 ($500,000 for a qualifying joint return) for a qualifying sale of a principal residence regardless of the person's age. Applies such exclusion to only one sale or exchange every two years. Repeals the provision providing for nonrecognition of gain on principal residence rollovers.

House Republican Conference Summary

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House Democratic Caucus Summary

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