To amend the Internal Revenue Code of 1986 to temporarily increase the capital gains exclusion for any qualifying senior who sells a principal residence during a qualifying year, and for other purposes.
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Summary
Based on the bill's title, this measure would amend the Internal Revenue Code to temporarily increase the capital gains exclusion for qualifying seniors who sell their principal residence during a specified qualifying year. The bill appears to provide a tax benefit by allowing seniors to exclude a larger portion of capital gains from taxation when selling their primary home. The bill was referred to the House Committee on Ways and Means and no full text was available for review.
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