H.R. 4254 · 110th Congress
Fair Taxes for Seniors Act of 2007
- Stage
- In committee
- Sponsor
- Bob Filner
- Introduced
- 2007-12-04
- Latest action
- 2007-12-04 · Introduced in House
Summary
Fair Taxes for Seniors Act of 2007 - 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.