3.0.0 1687 2022-11-01T06:02:36Z 2022-11-01T06:02:36Z Senate S 2019-05-23 116 ssfi00 Finance Committee Senate Standing Referred to 2019-05-23T21:12:52Z Forest Recovery Act 116 1444 HR 2019-02-28 Referred to the House Committee on Ways and Means. Identical bill CRS 2019-05-23 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2019-05-23 Introduced in Senate IntroReferral 10000 9 Library of Congress H001079 Sen. Hyde-Smith, Cindy [R-MS] Cindy Hyde-Smith R MS N W000437 Sen. Wicker, Roger F. [R-MS] Roger Wicker R MS F. 2019-05-23 True R000595 Sen. Rubio, Marco [R-FL] Marco Rubio R FL 2019-05-23 True C001095 Sen. Cotton, Tom [R-AR] Tom Cotton R AR 2019-05-23 True I000055 Sen. Isakson, Johnny [R-GA] Johnny Isakson R GA 2019-06-05 False B001236 Sen. Boozman, John [R-AR] John Boozman R AR 2019-06-05 False J000300 Sen. Jones, Doug [D-AL] Doug Jones D AL 2020-09-15 False L000594 Sen. Loeffler, Kelly [R-GA] Kelly Loeffler R GA 2020-09-15 False C001075 Sen. Cassidy, Bill [R-LA] Bill Cassidy R LA 2020-09-22 False P000612 Sen. Perdue, David [R-GA] David Perdue R GA Alfred 2020-10-20 False Taxation Disaster relief and insurance Forests, forestry, trees Income tax deductions Inflation and prices Taxation 00 2019-05-23 Introduced in Senate 2019-06-10T19:05:33Z 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.

]]> Forest Recovery Act Display Title Forest Recovery Act Short Title(s) as Introduced Forest Recovery Act Introduced in Senate IS Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to provide a special rule for certain casualty losses of uncut timber. Introduced in Senate IS Introduced in Senate 2019-05-23T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s1687is/xml/BILLS-116s1687is.xml 2019-05-23 Read twice and referred to the Committee on Finance. 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. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.