No Tax on Takings Act

This bill prevents property owners from paying income tax on the profit they make when the government takes their land or buildings through eminent domain (such as for public projects) or when they sell due to immediate threat of taking. It creates a new tax exclusion in the Internal Revenue Code, meaning the government's payment for the property isn't counted as taxable income. Property owners can choose to waive this exclusion and pay tax on the gain if they prefer. The bill directly affects homeowners and businesses facing government acquisitions using eminent domain powers.