Bill > S217

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 appraised value of uncut timber lost due to a casualty (such as fire, storm, theft, wood-destroying insects/invasive species, or severe drought), minus the salvage value, even if the loss is less than the timber's basis. 2. It requires the appraisal to be performed by a certified appraiser using certain standards, and allows taxpayers to provide an estimated value initially if the appraisal is delayed. 3. It excludes timber not held for sale in a trade or business, but includes pre-merchantable timber. 4. It requires the taxpayer to reforest the lost timber within 5 years to claim the deduction, with a recapture provision if they fail to do so. The amendments apply to losses sustained in taxable years beginning after the date of enactment.

Budget and Finance

https://www.congress.gov/bill/118th-congress/senate-bill/217/all-info