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.

Summary

The bill amends the tax code to let seniors exclude up to $1 million of gain when they sell a principal residence they have owned for at least 25 years. It applies to single seniors, married couples filing jointly where either spouse is 65 or older, and married seniors filing separately, for sales made between 2027 and 2030. The change aims to give older homeowners greater tax relief when they downsize or relocate.

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