[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5716 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 5716

    To extend the replacement period for nonrecognition of gain for 
 property involuntarily converted in the Hurricane Sandy disaster area.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 14, 2014

  Mr. Smith of New Jersey (for himself and Mr. Runyan) introduced the 
 following bill; which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
    To extend the replacement period for nonrecognition of gain for 
 property involuntarily converted in the Hurricane Sandy disaster area.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Sandy Reinvestment Extension Act of 
2014''.

SEC. 2. EXTENSION OF REPLACEMENT PERIOD FOR NONRECOGNITION OF GAIN FOR 
              PROPERTY INVOLUNTARILY CONVERTED IN THE HURRICANE SANDY 
              DISASTER AREA.

    (a) In General.--Section 1033(a)(2)(B)(i) of the Internal Revenue 
Code of 1986 shall be applied by substituting ``5 years'' for ``2 
years'' with respect to property in the Hurricane Sandy disaster area 
which is compulsorily or involuntary converted on or after October 29, 
2012, by reason of Hurricane Sandy, but only if substantially all of 
the use of the replacement property is in such area.
    (b) Hurricane Sandy Disaster Area.--For purposes of this section, 
the term ``Hurricane Sandy disaster area'' means an area with respect 
to which a major disaster has been declared by the President under 
section 401 of the Robert T. Stafford Disaster Relief and Emergency 
Assistance Act by reason of Hurricane Sandy and determined by the 
President to warrant individual or individual and public assistance 
from the Federal Government under such Act with respect to damages 
attributable to Hurricane Sandy.
                                 <all>