1. Short title
This Act may be cited as the “Sandy Reinvestment Extension Act of 2014”.
Sandy Reinvestment Extension Act of 2014
A BILL
To extend the replacement period for nonrecognition of gain for property involuntarily converted in the Hurricane Sandy disaster area.
2. Extension of replacement period for nonrecognition of gain for property involuntarily converted in the Hurricane Sandy disaster area
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.
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.