[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 993 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 993

To amend the Internal Revenue Code of 1986 to extend the period for the 
rollover of gain from the sale of a principal residence to a principal 
                 residence located in a disaster area.


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                    IN THE HOUSE OF REPRESENTATIVES

                           February 18, 1993

  Mrs. Mink introduced the following bill; which was referred to the 
                      Committee on Ways and Means

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                                 A BILL


 
To amend the Internal Revenue Code of 1986 to extend the period for the 
rollover of gain from the sale of a principal residence to a principal 
                 residence located in a disaster area.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. EXTENSION OF PERIOD FOR ROLLOVER OF GAIN ON SALE OF 
              PRINCIPAL RESIDENCE TO PRINCIPAL RESIDENCE LOCATED IN 
              DISASTER AREA.

    (a) In General.--Section 1034 of the Internal Revenue Code of 1986 
(relating to rollover of gain on sale of principal residence) is 
amended by redesignating subsection (l) as subsection (m) and by 
inserting after subsection (k) the following new subsection:
    ``(l) Special Rule Where New Residence Located in Disaster Area.--
            ``(1) In general.--If the taxpayer's new residence is 
        located or is to be located in a qualified disaster area 
        designated subsequent to the sale of the taxpayer's old 
        residence, subsection (a) shall be applied by substituting 
        `ending 4 years, or such longer period as designated by the 
        Secretary' for `ending 2 years'.
            ``(2) Qualified disaster area.--For purposes of this 
        subsection, the term `qualified disaster area' means an area 
        designated by the President of the United States to warrant 
        assistance by the Federal Government under the Robert T. 
        Stafford Disaster Relief and Emergency Assistance Act.''
    (b) Effective Date.--The amendments made by subsection (a) shall 
apply to new residences (within the meaning of section 1034 of the 
Internal Revenue Code of 1986) purchased on or after August 24, 1992, 
in taxable years ending after such date. For purposes of the preceding 
sentence, any part of the new residence which is constructed or 
reconstructed by the taxpayer shall be treated as purchased by the 
taxpayer on the date such construction or reconstruction is completed.

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