S.1678 - Military Homeowners Equity Act107th Congress (2001-2002)
|Sponsor:||Sen. McCain, John [R-AZ] (Introduced 11/13/2001)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 11/13/2001 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
Text: S.1678 — 107th Congress (2001-2002)All Information (Except Text)
There is one version of the bill.
Text available as:
- PDF (PDF provides a complete and accurate display of this text.) Tip?
Introduced in Senate (11/13/2001)
[Congressional Bills 107th Congress] [From the U.S. Government Printing Office] [S. 1678 Introduced in Senate (IS)] 107th CONGRESS 1st Session S. 1678 To amend the Internal Revenue Code of 1986 to provide that a member of the uniformed services or the Foreign Service shall be treated as using a principal residence while away from home on qualified official extended duty in determining the exclusion of gain from the sale of such residence. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES November 13, 2001 Mr. McCain (for himself, Mr. Allard, Mr. Lieberman, Ms. Snowe, Mr. Levin, Mr. Murkowski, Mr. Cleland, Mr. Inhofe, Ms. Landrieu, Mr. Burns, Mr. Durbin, Mr. Sessions, and Mr. DeWine) introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to provide that a member of the uniformed services or the Foreign Service shall be treated as using a principal residence while away from home on qualified official extended duty in determining the exclusion of gain from the sale of such residence. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Military Homeowners Equity Act''. SEC. 2. MEMBER OF UNIFORMED SERVICE AND FOREIGN SERVICE TREATED AS USING PRINCIPAL RESIDENCE WHILE AWAY FROM HOME ON QUALIFIED OFFICIAL EXTENDED DUTY IN DETERMINING EXCLUSION OF GAIN ON SALE OF SUCH RESIDENCE. (a) In General.--Section 121(d) of the Internal Revenue Code of 1986 (relating to special rules) is amended by adding at the end the following: ``(9) Determination of use during periods of qualified official extended duty with uniformed service or foreign service.-- ``(A) In general.--A taxpayer shall be treated as using property as a principal residence during any period-- ``(i) the taxpayer owns such property, and ``(ii) the taxpayer (or the taxpayer's spouse) is serving on qualified official extended duty as a member of a uniformed service or of the Foreign Service, but only if the taxpayer owned and used the property as a principal residence for any period before the period of qualified official extended duty. ``(B) Qualified official extended duty.--For purposes of this paragraph-- ``(i) In general.--The term `qualified official extended duty' means any period of extended duty during which the member of a uniformed service or the Foreign Service is under a call or order compelling such duty at a duty station which is a least 50 miles from the property described in subparagraph (A) or compelling residence in Government furnished quarters while on such duty. ``(ii) Extended duty.--The term `extended duty' means any period of active duty pursuant to a call or order to such duty for a period in excess of 90 days or for an indefinite period. ``(C) Definitions.--For purposes of this paragraph-- ``(i) Uniformed service.--The term `uniformed service' has the meaning given such term by section 101(a)(5) of title 10, United States Code. ``(ii) Foreign service of the united states.--The term `member of the Foreign Service' has the meaning given the term `member of the Service' by paragraph (1), (2), (3), (4), or (5) of section 103 of the Foreign Service Act of 1980.''. (b) Effective Date.--The amendment made by this section shall apply to sales or exchanges on or after the date of the enactment of this Act. <all>