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.
Actions
May 5, 2005
Referred to the House Committee on Ways and Means.
May 5, 2005
Sponsor introductory remarks on measure. (CR E897)