To amend the Internal Revenue Code of 1986 to eliminate the marriage penalty under the one-time exclusion of gain on the sale of a principal residence by an individual who has attained age 55.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code, with respect to limitations on the one-time exclusion of gain from the sale of a principal residence by an individual who has attained age 55, to disregard such an election by one married individual (for purposes of determining whether an election may be made by the individual's spouse with respect to property owned by the spouse before the date of marriage) with respect to a sale or exchange: (1) before the date of marriage; or (2) on or after the date of marriage of property owned by such individual before such date. Allows a separate dollar limitation for each election permitted under this provision.…