Senior Citizen Bill of Rights Act of 1997

[AI summary unavailable — showing source text] Senior Citizen Bill of Rights Act of 1997 - Amends the Internal Revenue Code to eliminate the additional (85 percent) tax on social security benefits after a four-year phased-in reduction period. (Sec. 3) Excludes from gross income up to $250,000 ($500,000 in the case of a joint return) from the sale or exchange of a principal residence owned and used as such for two years aggregate during the five-year period prior to sale. Limits such exclusion to one sale every two years. Repeals the nonrecognition of gain on residence rollovers. (Sec. 4) Repeals the estate, gift, and generation-skipping tax provisions. (Sec. 5) Requires qualifying health plans to continue coverage for persons 55 years or older who lose their jobs until such persons are eligible for Medicare. Increases maximum permitted premiums during such period. (Sec. 6) Amends Federal criminal law to provide for the forfeiture and use of telemarketing fraud proceeds for a specified national information hotline. Directs the United States Sentencing Commission to increase sentencing guidelines in cases involving: (1) vulnerable victims; and (2) use of a foreign location to impede fraud prosecution. (Sec. 7) Amends the Social S…