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Referenced Laws
Section 121(b)
Section 1
1. Short title This Act may be cited as the No Tax on Home Sales Act.
Section 2
2. Elimination of dollar limitations on exclusion of gain from sales of principal
residences Section 121(b) of the Internal Revenue Code of 1986 is amended— by striking paragraphs (1), (2), and (4), and by redesignating paragraphs (3) and (5) as paragraphs (1) and (2), respectively. Section 121(c) of such Code is amended— in paragraph (1), by striking , and subsection (b)(3) and all that follows through 2 years and inserting , and subsection (b)(1), shall not apply, and in paragraph (2)(A)(ii), by striking subsection (b)(3) and inserting subsection (b)(1). The amendments made by this section shall apply to sales and exchanges after the date of the enactment of this Act.