To amend the Internal Revenue Code of 1986 to temporarily increase the capital gains exclusion for any qualifying senior who sells a principal residence during a qualifying year, and for other purposes.

“(6) Special increased exclusion for sales by certain seniors during taxable years 2027 through 2030

“(A) In general—In the case of a sale or exchange of a qualifying residence after December 31, 2026, and before January 1, 2031—

“(i) in the case a qualifying senior who is not married on the date of such sale or exchange, paragraph (1) shall be applied by substituting “$1,000,000” for “$250,000”,

“(ii) the case of married individuals who make a joint return for the taxable year of such sale or exchange, if either spouse is a qualifying senior, paragraphs (2) and (4) shall each be applied by substituting “$1,000,000” for “$500,000” each place it appears, and

“(iii) in the case of a qualifying senior who is married and makes a separate return for the taxable year of such sale or exchange, paragraph (1) shall be applied by substituting “500,000” for “$250,000.”.

“(B) Qualifying senior—For purposes of this paragraph, the term “qualifying senior” means an individual who is at least 65 years old on the date of such sale or exchange.

“(C) Qualifying residence—For purposes of this paragraph, the term “qualifying residence” means a principal residence that has been owned by the taxpayer (in the case of a joint return, by either spouse) for at least 25 years.”