H.R. 7034 — To amend the Internal Revenue Code of 1986 to eliminate the dollar limitations on the exclusion of gain from sales of principal residences, and for other purposes.

This section eliminates the dollar limitations—$250,000 for unmarried individuals and $500,000 for married individuals filing a joint return—on the exclusion of gain from the sale or exchange of a principal residence under IRC §121 (i.e., removes the cap previously imposed by §121(b)(1) and (2)). The amendments apply to sales and exchanges after the date of enactment.