Bill > HR4210

This bill, the Disaster Reforestation Act, amends the Internal Revenue Code to provide a special rule for certain casualty losses of uncut timber. The key provisions are: 1. It allows taxpayers to deduct the value of uncut timber lost due to fire, storm, insects, invasive species, drought, or other casualty, or theft, as long as the basis for the deduction is not less than the excess of the value of the uncut timber before the loss over the salvage value of the timber. 2. It requires the appraisal of the timber casualty loss to be done by a certified appraiser, conform to the Uniform Standards of Professional Appraisal Practice, and be completed within 1 year of the loss. 3. It excludes timber not held for sale in a trade or business from this special rule, but includes pre-merchantable timber. 4. It requires the uncut timber subject to the loss to be reforested with hardwoods, softwoods, or a combination thereof, through planting, seeding, or appropriate site preparation, within 5 years of the loss. The amendments made by this bill apply to taxable years beginning after the date of enactment.