On April 9, 2008 President Bush signed into law the Second Chance Act. Although the Act is certainly a step in the right direction, the bulk of the Act is designed to permit additional funding and research for re-entry. April 09, 2008 Florida's Capital Gains Laws. When you're thinking about selling real estate in Florida, you should consider your eligibility for the capital gains laws of 1997. The new law can save you a great deal of money in profit taxes. Rules apply to taking advantage of the law, though there are exceptions. Check with ... federal law for $500,000.00 exemption requires you live 2 out of the last five years in the home. it does not start jan. 1st. it can start in any month, just be sure that after two years and a day you have not moved. also some states like florida require you live in the home on december 31 to keep your homestead exemption.