to carry out the provisions of this section. . (b) Clerical amendment The table of sections for subpart C of part II of subchapter E of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 468B the following new item: Sec. 468C. Special rules for natural disaster funds. . (c) Effective date The amendment made by this section shall apply to taxable years beginning after December 31, 2014. III Permanent Disaster Tax Relief Provisions 301. Increase property replacement period to 5 years (a) In general Section 1033(a)(2) of the Internal Revenue Code of 1986 is amended by adding at the end the following: (F) Federally declared disaster (i) In general In the case of converted property that is located in the disaster area of a federally declared disaster occurring during a calendar year beginning after 2011 and that is damaged or destroyed by the federally declared disaster, subparagraph (B)(i) shall be applied by substituting 5 years for 2 years . (ii) Federally declared disaster and disaster area For purposes of clause (i), the terms federally declared disaster and disaster area have the meanings given such terms under section 165(i)(5). . (b) Conforming amendment Section 1033(h)(1)(B) of the Internal Revenue Code of 1986 is amended by striking 4 years and inserting 5 years . (c) Effective date The amendments made by this section shall apply to disasters declared after December 31, 2015. 302. Wage credit for specified disaster-damaged businesses (a) In general Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 45S. Wage credit for specified disaster-damaged businesses (a) General rule For purposes of section 38, in the case of an eligible employer, the specified disaster-damaged business wage credit for any taxable year is an amount equal to 40 percent of the qualified wages for such year. (b) Qualified wages defined For purposes of this section— (1) In general The term