113 S1544 IS: Timber Revitalization and Economic Enhancement Act of 2013 U.S. Senate 2013-09-24 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II113th CONGRESS1st SessionS. 1544IN THE SENATE OF THE UNITED STATESSeptember 24, 2013Mr. Pryor (for himself and Mr. Boozman) introduced the following bill; which was read twice and referred to the Committee on FinanceA BILLTo amend the Internal Revenue Code of 1986 to make permanent certain provisions of the Heartland, Habitat, Harvest, and Horticulture Act of 2008 relating to timber, and for other purposes.

1.

Short title

This Act may be cited as the Timber Revitalization and Economic Enhancement Act of 2013.

2.

Treatment of timber gains

(a)

Special rate made permanent

Paragraph (1) of section 1201(b) of the Internal Revenue Code of 1986 is amended by striking ending after the date and all that follows through after such date and inserting beginning after the date of the enactment of the Timber Revitalization and Economic Enhancement Act of 2013.(b)

Adjustment of special rate

(1)

In general

Clause (i) of section 1201(b)(1)(B) of such Code is amended by striking 15 percent and inserting 20 percent.(2)

Conforming amendment

Section 55(b) of such Code is amended by striking paragraph (4).(c)

Computation for taxable years in which rate first applies

Paragraph (3) of section 1201(b) of such Code is amended to read as follows:(3)

Computation for taxable years in which rate first applies

In the case of any taxable year which includes the date of the enactment of the Timber Revitalization and Economic Enhancement Act of 2013, the qualified timber gain for such year shall not exceed the qualified timber gain properly taken into account for the portion of the year after such date..(d)

Effective date

The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.