Seniors' Family Business Enhancement Act

Seniors' Family Business Enhancement Act - Amends the Internal Revenue Code to grant an individual a one-time exclusion from gross income of the gain from the sale or exchange of a qualified interest in a closely held business if: (1) the individual has attained the age of 62 before the date of the sale or exchange; (2) the adjusted gross income of the individual for the tax year in which such sale or exchange occurs does not exceed $1 million (determined without regard to such sale or exchange); and (3) the individual so elects.