H.R. 2127 · 109th Congress
Fair Taxes for Seniors Act of 2005
- Stage
- In committee
- Sponsor
- Bob Filner
- Introduced
- 2005-05-05
- Latest action
- 2005-05-05 · Introduced in House
Summary
Fair Taxes for Seniors Act of 2005 - Amends the Internal Revenue Code to provide a one-time increase (from $250,000 to $500,000, or from $500,000 to $1 million for married taxpayers filing joint returns) in the exclusion of gain from the sale of a principal residence by a taxpayer who has attained the age of 50 before such sale. Provides that in the case of a joint return, only one spouse need satisfy the age requirement.