A bill to amend the Internal Revenue Code of 1954 to allow an individual to exclude from gross income the gain from the sale of exchange of the individual's principal residence.

[AI summary unavailable — showing source text] Excludes from gross income under the Internal Revenue Code the gain from the sale or exchange of property which, during the 8-year period ending on the date of the sale or exchange, has been owned and used by the taxpayer as his principal residence for periods aggregating 5 years or more (presently limited to individuals age 65 or over).…