Bill > S1544

This bill, the Timber Revitalization and Economic Enhancement Act of 2013, aims to make permanent certain tax provisions related to timber that were originally part of the Heartland, Habitat, Harvest, and Horticulture Act of 2008. Specifically, it amends the Internal Revenue Code of 1986 to ensure that the special tax rate for timber gains, which was set to expire, will now continue indefinitely. The bill also adjusts this special rate from 15 percent to 20 percent for certain timber gains and makes conforming changes to other tax calculations, including how to handle taxable years that span the date the bill becomes law, ensuring that the new rate only applies to the portion of the year after enactment. These changes are intended to provide long-term stability and economic benefits for the timber industry.