summary
Introduced
01/31/2023
01/31/2023
In Committee
01/31/2023
01/31/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th Congress
Bill Summary
A BILL To amend the Internal Revenue Code of 1986 to provide a special rule for certain casualty losses of uncut timber.
AI Summary
This bill, the Disaster Reforestation Act, amends the Internal Revenue Code of 1986 to provide a special rule for certain casualty losses of uncut timber. The key provisions of the bill 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 from theft, based on the excess of the timber's pre-loss value over its salvage value, rather than just the timber's adjusted basis.
2. The appraisal of the timber loss must be conducted by a federal- or state-certified appraiser within one year of the loss and conform to the Uniform Standards of Professional Appraisal Practice (USPAP).
3. The special deduction rule applies only to timber held for the purpose of being cut and sold in connection with a trade or business that is not a passive activity.
4. The deduction is conditional on the taxpayer reforesting the lost timber within five years of the loss.
The amendments made by this bill would apply to taxable years beginning after the date of the bill's enactment.
Committee Categories
Budget and Finance
Sponsors (39)
Buddy Carter (R)*,
Rick Allen (R),
Jim Baird (R),
Sanford Bishop (D),
Jerry Carl (R),
Matt Cartwright (D),
Lori Chavez-DeRemer (R),
Don Davis (D),
Suzan DelBene (D),
Mike Ezell (R),
Drew Ferguson (R),
Brian Fitzpatrick (R),
Marie Gluesenkamp Pérez (D),
Michael Guest (R),
Jared Huffman (D),
Mike Johnson (R),
Trent Kelly (R),
Derek Kilmer (D),
Ann Kuster (D),
Mike Lawler (R),
Julia Letlow (R),
Cathy McMorris Rodgers (R),
Barry Moore (R),
Dan Newhouse (R),
Jimmy Panetta (D),
Chellie Pingree (D),
Mike Rogers (R),
David Rouzer (R),
John Rutherford (R),
Andrea Salinas (D),
Kim Schrier (D),
Austin Scott (R),
David Scott (D),
Pete Sessions (R),
Terri Sewell (D),
Abigail Spanberger (D),
William Timmons (R),
David Trone (D),
Bruce Westerman (R),
Last Action
Referred to the House Committee on Ways and Means. (on 01/31/2023)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/118th-congress/house-bill/655/all-info |
| BillText | https://www.congress.gov/118/bills/hr655/BILLS-118hr655ih.pdf |
Loading...