A bill to amend section 1034 of the Internal Revenue Code of 1954 to provide an additional 1-year period for first using a new residence which was purchased during the period provided in such section 1034.

Provides an additional one-year period during which a taxpayer may purchase a new residence to be used by him as his principal residence in order to qualify for the nonrecognition of gain benefit extended under the Internal Revenue Code to a person selling or exchanging his residence. (Amends 26 U.S.C. 1034(c))