A bill to amend the Internal Revenue Code of 1954 to increase the amount of reforestation expenditures which may be amortized in any taxable year, and for other purposes.

Summary

Amends the Internal Revenue Code to increase the amount of reforestation expenditures which may be amortized in any taxable year to $25,000 ($12,500 in the case of a separate return by a married individual) plus any carryover amount. Provides a formula for the application of a three year carryover. Amends the Recreational Boating Safety and Facilities Improvement Act to require the Secretary of the Treasury to transfer to the Reforestation Trust Fund 65 percent of the proceeds from the sale of trees, portions of trees, or forest products located on Federal lands up to $30,000,000.

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1 official file

• Introduced in Senate

  summary · EN · 9 November 1981

  Open at official source

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