April 3, 2008, 12:00 am ET - Amendment SA 4407 proposed by Senator Kyl to Amendment SA 4387.
April 3, 2008, 12:00 am ET - Point of order raised in Senate with respect to amendment SA 4407.
April 3, 2008, 12:00 am ET - Amendment SA 4407 ruled out of order by the chair.
April 3, 2008, 8:00 pm ET - Motion to Waive CBA Kyl Amdt. No. 4407
Full Text of this Amendment
At the end add the following:
TITLE X--PRINCIPAL RESIDENCE GAIN EXCLUSION
SEC. X01. INFLATION ADJUSTMENT FOR PRINCIPAL RESIDENCE GAIN EXCLUSION DOLLAR LIMITATION.
(a) In General.--Section 121(b) of the Internal Revenue Code of 1986 (relating to limitations) is amended by adding at the end the following new paragraph:
``(4) INFLATION ADJUSTMENT.--In the case of any calendar year after 2008, the dollar amount contained in paragraph (1) shall be increased by an amount equal to--
``(A) such dollar amount, multiplied by
``(B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year, determined by substituting `calendar year 2007' for `calendar year 1992' in subparagraph (B) thereof.
Any increase determined under the preceding sentence shall be rounded to the nearest multiple of $1,000.''.
(b) Conforming Amendment.--So much of subparagraph (A) of section 121(b)(2) of the Internal Revenue Code of 1986 as precedes clause (i) thereof is amended to read as follows:
``(A) LIMITATION FOR CERTAIN JOINT RETURNS.--Paragraph (1) shall be applied by doubling the dollar amount specified in such paragraph if--''.
(c) Effective Date.--The amendments made by this section shall apply to years beginning after December 31, 2008.
(As printed in the Congressional Record for the Senate on Apr 3, 2008.)