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United States · Bill · HR

H.R. 655 (118th)

Disaster Reforestation Act

referredUnited States· United States Congress· EN

Introduced

31 January 2023

Last action

31 January 2023 · Introduced

Status

Referred to the House Committee on Ways and Means.

Sponsors

Rep. Carter, Earl L. "Buddy" [R-GA-1], Rep. Sewell, Terri A. [D-AL-7], Rep. Schrier, Kim [D-WA-8], Rep. Kilmer, Derek [D-WA-6], Rep. Johnson, Mike [R-LA-4], Jerry Carl, Rep. Allen, Rick W. [R-GA-12], Rep. Moore, Barry [R-AL-1], Rep. Trone, David J. [D-MD-6], Rep. Huffman, Jared [D-CA-2], Rep. Pingree, Chellie [D-ME-1], Rep. Panetta, Jimmy [D-CA-19], Rep. DelBene, Suzan K. [D-WA-1], Rep. Timmons, William R. [R-SC-4], Rep. Bishop, Sanford D. [D-GA-2], Rep. Fitzpatrick, Brian K. [R-PA-1], Rep. Newhouse, Dan [R-WA-4], Rep. McMorris Rodgers, Cathy [R-WA-5], Rep. Scott, Austin [R-GA-8], Rep. Rogers, Mike D. [R-AL-3], David Scott, Rep. Salinas, Andrea [D-OR-6], Rep. Cartwright, Matt [D-PA-17], Lori Chavez-DeRemer, Rep. Westerman, Bruce [R-AR-4], Rep. Letlow, Julia [R-LA-5], Rep. Baird, James R. [R-IN-4], Rep. Rutherford, John H. [R-FL-5], Rep. Perez, Marie Gluesenkamp [D-WA-3], Rep. Lawler, Michael [R-NY-17], Rep. Kuster, Ann M. [D-NH-2], Rep. Davis, Donald G. [D-NC-1], Rep. Kelly, Trent [R-MS-1], Rep. Rouzer, David [R-NC-7], Rep. Ezell, Mike [R-MS-4], Rep. Sessions, Pete [R-TX-17], Rep. Spanberger, Abigail Davis [D-VA-7], Rep. Guest, Michael [R-MS-3], Rep. Ferguson, A. Drew, IV [R-GA-3]

Subjects

Taxation

Source updated

16 October 2024

Taxation

Official sourceDownload fileView documentsShare

Summary

Disaster Reforestation Act This bill sets forth a special rule for the tax deduction for casualty losses of uncut timber (including pre-merchantable timber). It provides that in losses of any uncut timber from fire, storm, insects, invasive species, drought, or other casualty, or from theft, the basis for determining the amount of the deduction for such loss shall not be less than the excess of the value of such timber determined immediately before such loss was sustained, over the salvage value of such timber. To be eligible for the casualty loss deduction, the uncut timber subject to the loss must be reforested not later than the close of the five-year period beginning on the date of the loss.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 31 January 2023

    Introduced

    Introduced in House

    Source: IntroReferral

  2. 31 January 2023

    Introduced

    Referred to the House Committee on Ways and Means.

    Source: IntroReferral

  3. 31 January 2023

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in House (text)

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  • Introduced in House (text)

    Introduced in House · EN · 31 January 2023

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  • Introduced in House (PDF)

    Introduced in House · EN · 31 January 2023

    ViewDownloadOpen at official source

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  • Introduced in House

    summary · EN · 31 January 2023

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Sponsors

Related records

Sources

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