A bill to amend the Internal Revenue Code of 1954 to provide for nonrecognition of gain of the sale of the principal residence of the taxpayer where the taxpayer's cost of purchasing the new residence is not more than $100,000 less than the taxpayer's adjusted sales price of the old residence, and to extend the rollover period to 60 months.

Amends the Internal Revenue Code to permit the nonrecognition of gain from the sale or exchange of a taxpayer's principal residence even though the purchase price of a new residence is less than the adjusted sales price of the old residence. Specifies that the purchase price of the new residence may not be more than $100,000 less the adjusted sales price of the old residence.

Extends from 18 to 30 months the period (rollover period) during which a taxpayer must reinvest the proceeds from the sale of a residence in a new residence in order to qualify for the nonrecognition of any gain.