instruction:
In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
question:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``National Cyber Security Leadership 
Act of 2003''.

SEC. 2. FINDINGS.

    Congress makes the following findings:
            (1) Federal agencies rely on networked computer systems to 
        deliver critical services and information to the American 
        people, including operations related to national defense, 
        emergency services, tax collection, and the payment of 
        benefits.
            (2) There has been an astonishing increase in cyber threats 
        to government and industry in recent years. The number of cyber 
        attacks on Federal Government systems in 2001 was 71 percent 
        greater than the number of such attacks on such systems in 
        2000.
            (3) Cyber attacks can cause irreparable harm in network 
        systems, including the loss or dissemination of sensitive and 
        important data. Cyber attacks can also reduce the confidence of 
        the American people in the integrity and security of the 
        Internet.
            (4) There is mounting evidence to suggest that terrorists 
        view the Internet as a tool to achieve their goals. Government 
        investigators found that al Qaeda operatives browsed Internet 
        sites that offered software describing the digital switches 
        that control power, water, transport, and communications grids.
            (5) The Bush Administration has recognized in its draft 
        National Strategy to Secure Cyberspace ``the pressing need to 
        make federal cyberspace security a model for the nation''.
            (6) All but a few Federal agencies continue to receive 
        failing grades for their cyber security programs.
            (7) Federal agencies must take significant steps to better 
        protect themselves against cyber attacks, including--
                    (A) identifying significant vulnerabilities in 
                their computer networks and the tools needed to detect 
                such vulnerabilities;
                    (B) monitoring for new vulnerabilities in their 
                computer networks, and assessing risks of cyber 
                attacks;
                    (C) testing computers against identified 
                vulnerabilities; and
                    (D) ensuring that computers and networks are 
                adequately protected against such vulnerabilities.

SEC. 3. DEFINITIONS.

    In this Act:
            (1) Chief information officer.--The term ``Chief 
        Information Officer'', with respect to an agency, means the 
        official designated as the Chief Information Officer of the 
        agency pursuant to section 3506(a)(2) of title 44, United 
        States Code.
            (2) Vulnerability.--The term ``vulnerability'', in the case 
        of information technology, means an error or defect in coding, 
        configuration, or installation of such information technology 
        that increases its susceptibility to a cyber threat.
            (3) Other definitions.--Except as otherwise provided in 
        this section, any term used in this Act which is defined in 
        section 3502 of title 44, United States Code, shall have the 
        meaning given that term in such section 3502.

SEC. 4. ELIMINATION OF SIGNIFICANT VULNERABILITIES OF FEDERAL 
              GOVERNMENT INFORMATION TECHNOLOGY.

    (a) In General.--The Chief Information Officer of each agency 
shall--
            (1) identify the significant vulnerabilities of the 
        information technology of such agency, including--
                    (A) vulnerabilities of such classes of information 
                technology of such agency as the Chief Information 
                Officer shall designate for purposes of this section; 
                and
                    (B) vulnerabilities of the information technology 
                of such agency as a whole;
            (2) establish performance goals for eliminating the 
        significant vulnerabilities of the information technology of 
        such agency identified under paragraph (1), with such 
        performance goals--
                    (A) to be established utilizing the current state 
                of the information technology of such agency as a 
                baseline;
                    (B) to be stated both for particular classes of 
                information technology of such agency (as determined 
                under paragraph (1)(A)) and for the information 
                technology of such agency as a whole; and
                    (C) to be expressed as target ratios of 
                vulnerabilities per information technology;
            (3) procure or develop tools to identify and eliminate the 
        vulnerabilities identified under paragraph (1) in order to 
        achieve the performance goals established under paragraph (2);
            (4) train personnel of such agency in the utilization of 
        tools procured or developed under paragraph (3);
            (5) not less often than once each quarter, test the 
        information technology of such agency to determine the extent 
        of the compliance of the information technology with the 
        performance goals established under paragraph (3); and
            (6) to the extent that the information technology of such 
        agency does not comply with the performance goals established 
        under paragraph (3), promptly develop and implement a plan to 
        eliminate significant vulnerabilities in the information 
        technology in order to achieve compliance with such performance 
        goals.
    (b) Annual Report on Activities.--
            (1) Requirement.--The Chief Information Officer of each 
        agency shall include information on its activities under 
        subsection (a) in each annual report submitted to the Director 
        of the Office of Management and Budget under section 3545(e) of 
        title 44, United States Code (as amended by section 301(b) of 
        the Federal Information Security Management Act of 2002 (title 
        III of Public Law 107-347)).
            (2) Form.--The form of information submitted under 
        paragraph (1) shall be specified by the Director of the Office 
        of Management and Budget.
    (c) Governmentwide Standards.--
            (1) Review by nist.--The Director of the Office of 
        Management and Budget shall ensure the review by the Director 
        of the National Institute of Standards and Technology of the 
        annual reports submitted under subsection (b) in the first year 
        after the date of the enactment of this Act.
            (2) Guidelines.--Not later than 180 days after receiving 
        annual reports for review under paragraph (1), the Director of 
        the National Institute of Standards and Technology shall 
        develop and make available to the Chief Information Officers of 
        the agencies governmentwide guidelines for use in complying 
        with subsection (a). The guidelines shall--
                    (A) identify vulnerabilities of information 
                technology common to the agencies; and
                    (B) describe means of eliminating such 
                vulnerabilities, including the use of checklists 
                pursuant to section 8(c) of the Cyber Security Research 
                and Development Act (Public Law 107-305).
            (3) Mandatory use.--
                    (A) Designation of vulnerabilities.--The Director 
                of the National Institute of Standards and Technology 
                shall designate as a result of the review under 
                paragraph (1) any significant vulnerabilities of 
                information technology of such broad applicability and 
                severity so as to warrant the mandatory use of the 
                guidelines developed under paragraph (2) with respect 
                to such vulnerabilities.
                    (B) Mandatory use.--The Secretary of Commerce 
                shall, using the authority available to the Secretary 
                under section 11331(b) of title 40, United States Code, 
                mandate the use by the agencies of guidelines developed 
                under paragraph (2) with respect to vulnerabilities 
                designated under subparagraph (A).
                    (C) Use and exception.--Each agency shall use a 
                standard mandated under subparagraph (B) unless the 
                Chief Information Officer of such agency determines, 
                with the concurrence of the Director of the National 
                Institute of Standards and Technology, that the use of 
                such guideline by such agency would not increase the 
                security of the information technology covered by such 
                standard.

SEC. 5. AUTHORIZATION OF APPROPRIATIONS.

    (a) Authorization of Appropriations.--There is authorized to be 
appropriated to carry out the provisions of this Act amounts as 
follows:
            (1) For the Department of Commerce for the National 
        Institute of Standards and Technology, $1,000,000 for fiscal 
        year 2004 to develop the guidelines required by section 4(c).
            (2) For each agency, such sums as may be necessary for such 
        agency for fiscal years 2004 through 2008 to carry out the 
        provisions of this Act.
    (b) Availability.--The amount authorized to be appropriated by 
subsection (a)(1) shall remain available until expended.

SEC. 6. EFFECTIVE DATE.

    This Act shall take effect 180 days after the date of the enactment 
of this Act.
answer:
National Cyber Security Leadership Act of 2003 - Requires the Chief Information Officer of each Federal agency to: (1) identify the significant vulnerabilities of the information technology (IT) of such agency; (2) establish performance goals for eliminating such vulnerabilities; (3) procure or develop tools to identify and eliminate those vulnerabilities in order to achieve such performance goals; (4) train personnel in the utilization of those tools; (5) test the agency's IT to determine the extent of its compliance with the performance goals; and (6) develop and implement a plan to eliminate significant vulnerabilities in order to achieve compliance.Requires: (1) each Officer to include information on the agency's activities under this Act in annual reports on the agency's information security program and practices submitted to the Director of the Office of Management and Budget (OMB); and (2) the OMB Director to ensure the review of such reports by the Director of the National Institute of Standards and Technology (NIST); (3) the NIST Director to designate, as the result of such review, any significant IT vulnerabilities of such broad applicability and severity so as to warrant the use of government-wide guidelines the Director shall develop and make available to such Officers for complying with this Act; and (4) the Secretary of Commerce to mandate agency use of such guidelines.


question:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Crop Insurance Subsidy Reduction Act 
of 2013''.

SEC. 2. REDUCTION IN SHARE OF CROP INSURANCE PREMIUM PAID BY FEDERAL 
              CROP INSURANCE CORPORATION.

    Section 508(e)(2) of the Federal Crop Insurance Act (7 U.S.C. 
1508(e)(2)) is amended--
            (1) in subparagraph (B)(i), by striking ``67'' and 
        inserting ``55'';
            (2) in subparagraph (E)(i), by striking ``55'' and 
        inserting ``24'';
            (3) in subparagraph (F)(i), by striking ``48'' and 
        inserting ``17'';
            (4) in subparagraph (G)(i), by striking ``38'' and 
        inserting ``13'';
            (5) by redesignating subparagraphs (C) through (G) as 
        subparagraphs (G) through (K), respectively; and
            (6) by inserting after subparagraph (B) the following:
                    ``(C) In the case of additional coverage equal to 
                or greater than 55 percent, but less than 60 percent, 
                of the recorded or appraised average yield indemnified 
                at not greater than 100 percent of the expected market 
                price, or a comparable coverage for a policy or plan of 
                insurance that is not based on individual yield, the 
                amount shall be equal to the sum of--
                            ``(i) 46 percent of the amount of the 
                        premium established under subsection 
                        (d)(2)(B)(i) for the coverage level selected; 
                        and
                            ``(ii) the amount determined under 
                        subsection (d)(2)(B)(ii) for the coverage level 
                        selected to cover operating and administrative 
                        expenses.
                    ``(D) In the case of additional coverage equal to 
                or greater than 60 percent, but less than 65 percent, 
                of the recorded or appraised average yield indemnified 
                at not greater than 100 percent of the expected market 
                price, or a comparable coverage for a policy or plan of 
                insurance that is not based on individual yield, the 
                amount shall be equal to the sum of--
                            ``(i) 38 percent of the amount of the 
                        premium established under subsection 
                        (d)(2)(B)(i) for the coverage level selected; 
                        and
                            ``(ii) the amount determined under 
                        subsection (d)(2)(B)(ii) for the coverage level 
                        selected to cover operating and administrative 
                        expenses.
                    ``(E) In the case of additional coverage equal to 
                or greater than 65 percent, but less than 70 percent, 
                of the recorded or appraised average yield indemnified 
                at not greater than 100 percent of the expected market 
                price, or a comparable coverage for a policy or plan of 
                insurance that is not based on individual yield, the 
                amount shall be equal to the sum of--
                            ``(i) 42 percent of the amount of the 
                        premium established under subsection 
                        (d)(2)(B)(i) for the coverage level selected; 
                        and
                            ``(ii) the amount determined under 
                        subsection (d)(2)(B)(ii) for the coverage level 
                        selected to cover operating and administrative 
                        expenses.
                    ``(F) In the case of additional coverage equal to 
                or greater than 70 percent, but less than 75 percent, 
                of the recorded or appraised average yield indemnified 
                at not greater than 100 percent of the expected market 
                price, or a comparable coverage for a policy or plan of 
                insurance that is not based on individual yield, the 
                amount shall be equal to the sum of--
                            ``(i) 32 percent of the amount of the 
                        premium established under subsection 
                        (d)(2)(B)(i) for the coverage level selected; 
                        and
                            ``(ii) the amount determined under 
                        subsection (d)(2)(B)(ii) for the coverage level 
                        selected to cover operating and administrative 
                        expenses.''.

SEC. 3. BUDGETARY EFFECTS.

    The budgetary effects of this Act, for the purpose of complying 
with the Statutory Pay-As-You-Go Act of 2010, shall be determined by 
reference to the latest statement titled ``Budgetary Effects of PAYGO 
Legislation'' for this Act, submitted for printing in the Congressional 
Record by the Chairman of the Senate Budget Committee, provided that 
such statement has been submitted prior to the vote on passage.
answer:
Crop Insurance Subsidy Reduction Act of 2013 - Amends the Federal Crop Insurance Act to reduce crop insurance premium subsidy rates.


question:
SECTION 1. INDEXING OF CAPITAL ASSETS.

    (a) In General.--Part II of subchapter O of chapter 1 of the 
Internal Revenue Code of 1986 (relating to basis rules of general 
application) is amended by inserting after section 1021 the following 
new section:

``SEC. 1022. INDEXING OF CERTAIN ASSETS FOR PURPOSES OF DETERMINING 
              GAIN OR LOSS.

    ``(a) In General.--
            ``(1) Indexed basis substituted for adjusted basis.--Except 
        as otherwise provided in this section, if an indexed asset 
        which the taxpayer has held for 1 year or longer is sold or 
        otherwise disposed of, for purposes of this title the indexed 
        basis of the asset shall be substituted for its adjusted basis.
            ``(2) Exception for depreciation, etc.--The deductions for 
        depreciation, depletion, and amortization shall be determined 
        without regard to the application of paragraph (1) to the 
        taxpayer or any other person.
    ``(b) Indexed Asset.--For purposes of this section, the term 
`indexed asset' means--
            ``(1) stock in a corporation,
            ``(2) bonds,
            ``(3) tangible property which is property used in the trade 
        or business (as defined in section 1231(b)),
            ``(4) land held in connection with a trade or business 
        (other than property described in section 1231(b)(1)(B)), and
            ``(5) the principal residence (within the meaning of 
        section 1034) of the taxpayer.
    ``(c) Indexed Basis.--For purposes of this section--
            ``(1) In general.--The indexed basis of any asset is--
                    ``(A) the adjusted basis of the asset, increased by
                    ``(B) the applicable inflation adjustment.
            ``(2) Applicable inflation adjustment.--The applicable 
        inflation adjustment for any asset is an amount equal to--
                    ``(A) the adjusted basis of the asset, multiplied 
                by
                    ``(B) the percentage (if any) by which--
                            ``(i) the gross domestic product deflator 
                        for the calendar year in which the asset is 
                        disposed of, exceeds
                            ``(ii) the gross domestic product deflator 
                        for the calendar year in which the asset was 
                        acquired by the taxpayer (or, if later, for 
                        1986).
        The percentage under subparagraph (B) shall be rounded to the 
        nearest \1/10\ of 1 percent.
            ``(3) Gross domestic product deflator.--The gross domestic 
        product deflator for any calendar year is the implicit price 
        deflator for the gross domestic product for such year (as shown 
        in the first revision thereof).
    ``(d) Not an Indexed Asset and Holding Period Restarted If 
Diminished Risk of Loss.--If the taxpayer (or a related person) enters 
into any transaction which substantially reduces the risk of loss from 
holding any asset--
            ``(1) such asset shall not be treated as an indexed asset 
        for the period of such reduced risk, and
            ``(2) for purposes of determining whether the 1-year 
        holding requirement of subsection (a) has been met, the 
        taxpayer shall be treated as first acquiring the asset on the 
        day after the last day of such period.
    ``(e) Pass-Thru Entities.--
            ``(1) Partnerships.--In the case of a partnership, the 
        adjustment made under subsection (a) at the partnership level 
        shall be passed through to the partners.
            ``(2) Subchapter s corporations.--In the case of an S 
        corporation, the adjustment under subsection (a) at the 
        corporate level shall be passed through to the shareholders.
            ``(3) Common trust funds.--In the case of a common trust 
        fund, the adjustment made under subsection (a) at the trust 
        level shall be passed through to the participants.
            ``(4) Regulated investment companies and real estate 
        investment trusts.--
                    ``(A) In general.--Stock in a qualified investment 
                entity shall be an indexed asset for any calendar month 
                in the same ratio as the fair market value of the 
                assets held by such entity at the close of such month 
                which are indexed assets bears to the fair market value 
                of all assets of such entity at the close of such 
                month.
                    ``(B) Ratio of 90 percent or more.--If the ratio 
                for any calendar month determined under subparagraph 
                (A) would (but for this subparagraph) be 90 percent or 
                more, such ratio for such month shall be 100 percent.
                    ``(C) Ratio of 10 percent or less.--If the ratio 
                for any calendar month determined under subparagraph 
                (A) would (but for this subparagraph) be 10 percent or 
                less, such ratio for such month shall be zero.
                    ``(D) Valuation of assets in case of real estate 
                investment trusts.--Nothing in this paragraph shall 
                require a real estate investment trust to value its 
                assets more frequently than once each 36 months (except 
                where such trust ceases to exist). The ratio under 
                subparagraph (A) for any calendar month for which there 
                is no valuation shall be the trustee's good faith 
                judgment as to such valuation.
                    ``(E) Qualified investment entity.--For purposes of 
                this paragraph, the term `qualified investment entity' 
                means--
                            ``(i) a regulated investment company 
                        (within the meaning of section 851), and
                            ``(ii) a real estate investment trust 
                        (within the meaning of section 856).
    ``(f) Dispositions Between Related Persons.--
            ``(1) In general.--This section shall not apply to any sale 
        or other disposition of property between related persons except 
        to the extent that the basis of such property in the hands of 
        the transferee is a substituted basis.
            ``(2) Related persons defined.--For purposes of this 
        section, the term `related persons' means--
                    ``(A) persons bearing a relationship set forth in 
                section 267(b), and
                    ``(B) persons treated as single employer under 
                subsection (b) or (c) of section 414.
    ``(g) Additions to Basis By Means of Improvements or Contributions 
to Capital.--If there is an addition to the adjusted basis of any 
tangible property or of any stock in a corporation during the taxable 
year by reason of an improvement to such property or a contribution to 
capital of such corporation, and the aggregate amount of such addition 
during the taxable year with respect to such property or stock is 
$10,000 or more, such addition shall be treated as a separate asset 
acquired at the close of such taxable year.
    ``(h) Section Cannot Increase Ordinary Loss.--To the extent that 
(but for this subsection) this section would create or increase a net 
ordinary loss to which section 1231(a)(2) applies or an ordinary loss 
to which any other provision of this title applies, such provision 
shall not apply. The taxpayer shall be treated as having a long-term 
capital loss in an amount equal to the amount of the ordinary loss to 
which the preceding sentence applies.
    ``(i) Special Rules.--
            ``(1) Assets which are not indexed assets throughout 
        holding period.--The applicable inflation ratio shall be 
        appropriately reduced for periods during which the asset was 
        not an indexed asset.
            ``(2) Treatment of certain distributions.--A distribution 
        with respect to stock in a corporation which is not a dividend 
        shall be treated as a disposition.
            ``(3) Acquisition date where prior application of 
        subsection (a)(1) with respect to such asset of taxpayer.--If 
        there has been a prior application of subsection (a)(1) to an 
        asset while such asset was held by the taxpayer, the date of 
        acquisition of such asset by the taxpayer shall be treated as 
        not earlier than the date of the most recent such prior 
        application.
            ``(4) Collapsible corporations.--The application of section 
        341(a) (relating to collapsible corporations) shall be 
        determined without regard to this section.
    ``(j) Transfers To Increase Indexing Adjustment or Depreciation 
Allowance.--If any person transfers cash, debt, or any other property 
to another person and the principal purpose of such transfer is--
            ``(1) to secure or increase an adjustment under subsection 
        (a), or
            ``(2) to increase (by reason of an adjustment under 
        subsection (a)) a deduction for depreciation, depletion, or 
        amortization,
the Secretary may disallow part or all of such adjustment or 
increase.''
    (b) Clerical Amendment.--The table of sections for part II of 
subchapter O of chapter 1 is amended by inserting after the item 
relating to section 1021 the following new item:

                              ``Sec. 1022. Indexing of certain assets 
                                        for purposes of determining 
                                        gain or loss.''
    (c) Effective Date.--The amendments made by this section shall 
apply to dispositions of property after the date of the enactment of 
this Act.

SEC. 2. EXCLUSION OF GAIN FROM SALE OF PRINCIPAL RESIDENCE.

    (a) In General.--Section 121 of the Internal Revenue Code of 1986 
(relating to one-time exclusion of gain from sale of principal 
residence by individual who has attained age 55) is amended to read as 
follows:

``SEC. 121. EXCLUSION OF GAIN FROM SALE OF PRINCIPAL RESIDENCE.

    ``(a) Exclusion.--Gross income shall not include gain from the sale 
or exchange of property which has been owned and used by the taxpayer 
as the taxpayer's principal residence.
    ``(b) Limitation.--The amount of gain excluded under subsection (a) 
with respect to any sale or exchange shall not exceed $250,000 
($500,000 in the case of a joint return).
    ``(c) Special Rules.--
            ``(1) Property held jointly by husband and wife.--For 
        purposes of this section, if--
                    ``(A) property is held by a husband and wife as 
                joint tenants, tenants by the entirety, or community 
                property,
                    ``(B) such husband and wife make a joint return 
                under section 6013 for the taxable year of the sale or 
                exchange, and
                    ``(C) one spouse satisfies the holding and use 
                requirements of subsection (a) with respect to such 
                property,
        then both husband and wife shall be treated as satisfying the 
        holding and use requirements of subsection (a) with respect to 
        such property.
            ``(2) Property of deceased spouse.--For purposes of this 
        section, in the case of an unmarried individual whose spouse is 
        deceased on the date of the sale or exchange of property, if 
        the deceased spouse satisfied the holding and use requirements 
        of subsection (a) with respect to such property then such 
        individual shall be treated as satisfying the holding and use 
        requirements of subsection (a) with respect to such property.
            ``(3) Tenant-stockholder in cooperative housing 
        corporation.--For purposes of this section, if the taxpayer 
        holds stock as a tenant-stockholder (as defined in section 216) 
        in a cooperative housing corporation (as defined in such 
        section), then--
                    ``(A) the holding requirements of subsection (a) 
                shall be applied to the holding of such stock, and
                    ``(B) the use requirements of subsection (a) shall 
                be applied to the house or apartment which the taxpayer 
                was entitled to occupy as such stockholder.
            ``(4) Involuntary conversions.--For purposes of this 
        section, the destruction, theft, seizure, requisition, or 
condemnation of property shall be treated as the sale of such property.
            ``(5) Property used in part as principal residence.--In the 
        case of property only a portion of which has been owned and 
        used by the taxpayer as his principal residence, this section 
        shall apply with respect to so much of the gain from the sale 
        or exchange of such property as is determined, under 
        regulations prescribed by the Secretary, to be attributable to 
        the portion of the property so owned and used by the taxpayer.
            ``(6) Determination of marital status.--In the case of any 
        sale or exchange, for purposes of this section--
                    ``(A) the determination of whether an individual is 
                married shall be made as of the date of the sale or 
                exchange; and
                    ``(B) an individual legally separated from his 
                spouse under a decree of divorce or of separate 
                maintenance shall not be considered as married.
            ``(7) Application of sections 1033 and 1034.--In applying 
        sections 1033 (relating to involuntary conversions) and 1034 
        (relating to sale or exchange of residence), the amount 
        realized from the sale or exchange of property shall be treated 
        as being the amount determined without regard to this section, 
        reduced by the amount of gain not included in gross income 
        pursuant to an election under this section.
            ``(8) Property acquired after involuntary conversion.--If 
        the basis of the property sold or exchanged is determined (in 
        whole or in part) under subsection (b) of section 1033 
        (relating to basis of property acquired through involuntary 
        conversion), then the holding and use by the taxpayer of the 
        converted property shall be treated as holding and use by the 
        taxpayer of the property sold or exchanged.
            ``(9) Determination of use during periods of out-of-
        residence care.--In the case of a taxpayer who--
                    ``(A) becomes physically or mentally incapable of 
                self-care, and
                    ``(B) owns property and has previously used such 
                property as the taxpayer's principal residence,
        then the taxpayer shall be treated as using such property as 
        the taxpayer's principal residence during any time in which the 
        taxpayer owns the property and resides in any facility 
        (including a nursing home) licensed by a State or political 
        subdivision to care for an individual in the taxpayer's 
        condition.
    ``(d) Election To Have Section Not Apply.--This section shall not 
apply to any sale or exchange with respect to which the taxpayer elects 
not to have this section apply.''
    (b) Clerical and Conforming Amendments.--
            (1) Paragraph (3) of section 1033(k) of such Code is 
        amended to read as follows:
            ``(3) For exclusion from gross income of gain from 
        involuntary conversion of principal residence, see section 
        121.''
            (2) Subparagraph (A) of section 1038(e)(1) of such Code is 
        amended to read as follows:
                    ``(A) section 121 (relating to exclusion of gain 
                from sale or exchange of principal residence) applies, 
                or''.
            (3) Subparagraph (B) of section 1250(d)(7) of such Code is 
        amended by striking ``age and'' and by striking the 
        parenthetical and inserting the following: ``(relating to 
        exclusion of gain from sale of principal residence)''.
            (4) The table of sections for part III of subchapter B of 
        chapter 1 of such Code is amended by striking the item relating 
        to section 121 and inserting the following new item:

                              ``Sec. 121. Exclusion of gain from sale 
                                        of principal residence.''
    (c) Effective Date.--The amendments made by this section shall 
apply to sales and exchanges after the date of the enactment of this 
Act.
answer:

Amends the Internal Revenue Code to require that an inflation indexed basis rather than an adjusted basis be used to determine gain or loss in the disposition of the following assets held at least one year: (1) corporate stock; (2) bonds; (3) tangible property used in, or land held in connection with, a business or trade; and (4) a principal residence. 
Replaces the existing one-time "55 years or older" exclusion of $125,000 of gain from the sale of a principal residence with an exclusion of $250,000 ($500,000 in the case of a joint return) from the sale of a principal residence (eliminating age and one-time provisions).