A bill to amend the Internal Revenue Code of 1954 to allow any individual who sold his principal residence after December 31, 1977, and before July 27, 1978, and who attained age 65 before the date of such sale a special election to exclude up to $100,000 of gain on the sale of such residence.

Amends the Internal Revenue Code to permit any individual who sold his principal residence after December 31, 1977, and before July 27, 1978 (the effective date for the one-time $100,000 capital gain exclusion for the sale of a principal residence), and who attained age 55 before the date of such sale, a special election to exclude up to $100,000 (depending on the date of the sale) of gain on the sale of such residence.