Presidential declaration described in section 2(1). (d) Application Subsection (a) shall not apply to financing provided after December 31, 2018. 405. Extension of replacement period for nonrecognition of gain for property located in Louisiana storm and flood disaster area 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 Louisiana storm and flood disaster area which is compulsorily or involuntarily converted on or after the applicable disaster date, by reason of the severe storms and flooding giving rise to the Presidential declaration described in section 2(1), but only if substantially all of the use of the replacement property is in such area. 406. Special rule for determining earned income (a) In general In the case of a qualified individual, if the earned income of the taxpayer for the taxable year which includes the applicable disaster date, is less than the earned income of the taxpayer for the preceding taxable year, the credits allowed under sections 24(d) and 32 of the Internal Revenue Code of 1986 may, at the election of the taxpayer, be determined by substituting— (1) such earned income for the preceding taxable year, for (2) such earned income for the taxable year which includes the applicable disaster date. (b) Qualified individual For purposes of this section, the term qualified individual means any individual whose principal place of abode on the applicable disaster date, was located— (1) in the core disaster area, or (2) in the Louisiana storm and flood disaster area (but outside the core disaster area) and such individual was displaced from such principal place of abode by reason of the severe storms and flooding giving rise to the Presidential declaration described in section 2(1). (c) Earned income For purposes of this section, the term earned income has the meaning given such term under section 32(c) of such Code. (d) Special rules (1) Application to joint returns For purposes of subsection (a),