S 1142 · 94th Congress · Taxation

A bill to amend section 121 of the Internal Revenue Code of 1954 to increase the exclusion from gross income of gain from the sale of a residence by an individual who is 65 years old or older.

Introduced 1975-03-11· Sponsored by Sen. Hatfield, Mark O. [R-OR]· Senate

Bill Progress

✓
Introduced
2
Committee
3
Senate Vote
4
House
5
Enacted
Latest: Referred to Senate Committee on Finance.(1975-03-11)

Plain Language Summary

[AI summary unavailable — showing source text] Increases from $20,000 to $35,000, under the Internal Revenue Code, the exclusion from gross income of gain from the sale of a residence by an individual who is 65 years of age or older.…

Summarized by Claude AI · Non-partisan · For informational purposes only

Cosponsors (3)

1 Democrat2 Republicans
Sen. Beall, J. Glenn, Jr. [R-MD]MD
Sen. Humphrey, Hubert H. [D-MN]MN
Sen. Young, Milton R. [R-ND]