Section 1 Short title
This Act may be cited as the “Middle Class Home Tax Elimination Act”.
Middle Class Home Tax Elimination Act
A BILL
To amend the Internal Revenue Code of 1986 to eliminate the dollar limitations on the exclusion of gain from sales of principal residences, and for other purposes.
Sec. 2 Elimination of dollar limitations on exclusion of gain from sales of principal residences
by striking paragraphs (1), (2), and (4), and
by redesignating paragraphs (3) and (5) as paragraphs (1) and (2), respectively.
Conforming amendments— Section 121(c) of such Code is amended—
in paragraph (1), by striking “, and subsection (b)(3)” and all that follows through “2 years” and inserting “, and subsection (b)(1), shall not apply”, and
in paragraph (2)(A)(ii), by striking “subsection (b)(3)” and inserting “subsection (b)(1)”.
Effective date— The amendments made by this section shall apply to sales and exchanges after the date of the enactment of this Act.