Page:United States Statutes at Large Volume 119.djvu/40

 119 STAT. 22

26 USC 139 note.

26 USC 1033 note.

PUBLIC LAW 109–7—APR. 15, 2005 (b) CERTAIN DISPOSITIONS OF PROPERTY UNDER HAZARD MITIGATION PROGRAMS TREATED AS INVOLUNTARY CONVERSIONS.—Section 1033 of such Code (relating to involuntary conversions) is amended by redesignating subsection (k) as subsection (l) and by inserting after subsection (j) the following new subsection: ‘‘(k) SALES OR EXCHANGES UNDER CERTAIN HAZARD MITIGATION PROGRAMS.—For purposes of this subtitle, if property is sold or otherwise transferred to the Federal Government, a State or local government, or an Indian tribal government to implement hazard mitigation under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (as in effect on the date of the enactment of this subsection) or the National Flood Insurance Act (as in effect on such date), such sale or transfer shall be treated as an involuntary conversion to which this section applies.’’. (c) EFFECTIVE DATE.— (1) QUALIFIED DISASTER MITIGATION PAYMENTS.—The amendments made by subsection (a) shall apply to amounts received before, on, or after the date of the enactment of this Act. (2) DISPOSITIONS OF PROPERTY UNDER HAZARD MITIGATION PROGRAMS.—The amendments made by subsection (b) shall apply to sales or other dispositions before, on, or after the date of the enactment of this Act. Approved April 15, 2005.

LEGISLATIVE HISTORY—H.R. 1134: CONGRESSIONAL RECORD, Vol. 151 (2005): Mar. 14, considered and passed House. Apr. 13, considered and passed Senate, amended. Apr. 14, House concurred in Senate amendment.

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