A bill to amend the Internal Revenue Code of 1954 to allow an exclusion of gain from the sale of any principal residence of an individual.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to replace the one-time $100,000 exclusion from gross income of gain from the sale or exchange of a principal residence by taxpayers aged 55 with an unlimited tax exclusion of gain resulting from the sale of any residence which was owned and used by a taxpayer as his or her principal residence. Repeals provisions which allow a deferral of the tax on the gain from the sale of a principal residence.…