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.

Changes the requirement that a taxpayer (having purchased a new residence within a year of the sale of his old residence) must use the new residence within 1 year for purposes of nonrecognition of gain under the Internal Revenue Code to allow him up to 2 years to use such new residence.