Forest Recovery Act

Summary

Forest Recovery Act This bill modifies the tax 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. 23 May 2019

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 23 May 2019

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 23 May 2019 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 23 May 2019

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 23 May 2019

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 23 May 2019

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Hyde-Smith, Cindy [R-MS] · R · Sponsor
• Sen. Wicker, Roger F. [R-MS] · R · Sponsor
• Sen. Rubio, Marco [R-FL] · R · Sponsor
• Sen. Cotton, Tom [R-AR] · R · Sponsor
• Sen. Isakson, Johnny [R-GA] · R · Cosponsor
• Sen. Boozman, John [R-AR] · R · Cosponsor
• Sen. Jones, Doug [D-AL] · D · Cosponsor
• Sen. Loeffler, Kelly [R-GA] · R · Cosponsor
• Sen. Cassidy, Bill [R-LA] · R · Cosponsor
• Sen. Perdue, David [R-GA] · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Forest Recovery Act