110-H.R.4132

To amend the Internal Revenue Code of 1986 to increase the exclusion of gain from the sale or exchange of a principal residence to $1,000,000.

11/9/2007--Introduced.

Homeowners Exemption Update Act of 2007 - Amends the Internal Revenue Code to increase to $500,000 the amount of gain from the sale or exchange of a principal residence that may be excluded from gross income for income tax purposes. Allows a $1 million exclusion for married taxpayers filing a joint tax return who meet certain residential use and ownership requirements.

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