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Disaster Reforestation Act
H.R. 655, 118th Congress
- Status
- In committee
- Introduced
- 01/31/2023
- Cosponsors
- 38
- Latest action
- 01/31/2023
About this bill
- Official title
- Disaster Reforestation Act
- Sponsor
- Earl Carter (R-GA)
- Introduced in
- House
- Policy area
- Taxation
- Committees
- Ways and Means Committee
- Latest action
- Referred to the House Committee on Ways and Means.
Summary
Congressional Research Service, Introduced in House (01/31/2023)
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.
Actions
Newest first
- 01/31/2023 · House
Referred to the House Committee on Ways and Means.
- 01/31/2023
Introduced in House
Subjects: Disaster relief and insurance, Forests, forestry, trees, Income tax deductions, Inflation and prices.
Source: U.S. Government Publishing Office, GovInfo Bill Status; Congressional Research Service summaries · Last updated 01/31/2023