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[DOCID: f:h1722ih.txt]






107th CONGRESS
  1st Session
                                H. R. 1722

   To amend the Internal Revenue Code of 1986 to increase the amount 
excluded from gain on the sale of a principal residence for both single 
                    and joint filers to $1,000,000.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 3, 2001

 Ms. Lofgren introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
   To amend the Internal Revenue Code of 1986 to increase the amount 
excluded from gain on the sale of a principal residence for both single 
                    and joint filers to $1,000,000.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. INCREASE IN AMOUNT OF GAIN EXCLUDED FROM GROSS INCOME.

    (a) In General.--Paragraph (1) of section 121(b) of the Internal 
Revenue Code of 1986 (relating to general limitations) is amended by 
striking ``$250,000'' and inserting ``$1,000,000''.
    (b) Repeal of Special Rules for Joint Returns.--Subsection (b) of 
section 121 of such Code is amended by striking paragraph (2) and 
redesignating paragraph (3) as paragraph (2).
    (c) Conforming Amendments.--
            (1) Section 121(c) of such Code is amended--
                    (A) by striking ``subsection (b)(3)'' both places 
                it appears and inserting ``subsection (b)(2)'', and
                    (B) by striking ``or (2) of subsection (b), 
                whichever is applicable,'' in the matter preceding 
                subparagraph (A).
    (d) Effective Date.--The amendments made by this section shall 
apply to sales and exchanges after the date of the enactment of this 
Act.
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