HR 406
103th Congress
House
Taxation
Capital gains tax
Disaster relief
Disasters
Home ownership
Housing and Community Development
Income tax
Property insurance
Real property
Tax exclusion
To amend the Internal Revenue Code of 1986 to modify the involuntary conversion rules for certain disaster-related conversions.
Introduced: January 5, 1993
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 10, 1993
See H.R.2264.
Jan 5, 1993
Referred to the House Committee on Ways and Means.
Jan 5, 1993
Introduced in House
Plain-English summary
Amends the Internal Revenue Code to provide special rules with respect to the nonrecognition of gain for principal residences compulsorily or involuntarily converted as a result of a presidentially-declared disaster. Requires the nonrecognition of gain of insurance proceeds for the contents of such residences. Allows insurance proceeds from personal property and real property to be lumped together into one common fund. Extends the time to replace a principal residence from two years to four years.
What's happening now
See H.R.2264.
Committees of jurisdiction
1