Bill > HR4657

This bill, titled the Timber Revitalization and Economic Enhancement Act of 2014, 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 apply indefinitely for taxable years beginning after the bill's enactment. The bill also adjusts this special rate from 15 percent to 20 percent and includes provisions for calculating qualified timber gains in the year the law is enacted to avoid double-counting gains. The primary goal is to provide long-term tax certainty for timber-related businesses and encourage investment in the timber industry.