Forest Recovery Act

Summary

Forest Recovery Act This bill amends the Internal Revenue Code, with respect to the deduction for casualty losses, to establish special rules for losses of uncut timber. In the case of the loss of uncut timber from fire, storm, other casualty, or theft, the basis used for determining the amount of the deduction may not be less than the excess of: (1) the fair market value of the uncut timber determined immediately before the loss was sustained, over (2) the salvage value of the timber. The rule applies only if: (1) the timber was held for the purpose of being cut and sold, and (2) the uncut timber subject to the loss is reforested within five years of the loss. The bill also exempts casualty losses from uncut timber from the rule restricting the deduction for personal casualty losses to losses attributable to a federally declared disaster.

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Timeline

1. 7 February 2018

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 7 February 2018

   Introduced

   Introduced in House

   Source: IntroReferral

3. 7 February 2018

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 7 February 2018 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 7 February 2018

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 7 February 2018

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 7 February 2018

  Open at official source

Sponsors

• Rep. Carter, Earl L. "Buddy" [R-GA-1] · R · Sponsor
• Bruce Westerman · R · Sponsor
• Ralph Abraham · R · Sponsor
• Austin Scott · R · Sponsor
• ROBERT GOODLATTE · R · Sponsor
• Steven Palazzo · R · Sponsor
• Sanford Bishop · D · Sponsor
• Bradley Byrne · R · Cosponsor
• Jody Hice · R · Cosponsor
• Mike Johnson · R · Cosponsor
• Tom Graves · R · Cosponsor
• Trent Kelly · R · Cosponsor
• Carol Shea-Porter · D · Cosponsor
• Matt Cartwright · D · Cosponsor
• Roger Marshall · R · Cosponsor
• A. Ferguson · R · Cosponsor
• Scott Tipton · R · Cosponsor
• Rep. Pingree, Chellie [D-ME-1] · D · Cosponsor
• Brian Babin · R · Cosponsor
• · hswm00 · Standing

Related records

• related to → Forest Recovery Act