[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1341 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 1341

  To amend the Internal Revenue Code of 1986 to provide capital gain 
   treatment under section 631(b) of such Code for outright sales of 
                         timber by landowners.


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                    IN THE HOUSE OF REPRESENTATIVES

                             April 3, 2001

 Mr. Collins introduced the following bill; which was referred to the 
                      Committee on Ways and Means

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                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to provide capital gain 
   treatment under section 631(b) of such Code for outright sales of 
                         timber by landowners.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Timber Tax Simplification Act of 
2001''.

SEC. 2. CAPITAL GAIN TREATMENT UNDER SECTION 631(B) TO APPLY TO 
              OUTRIGHT SALES BY LANDOWNERS.

    (a) In General.--The first sentence of section 631(b) of the 
Internal Revenue Code of 1986 (relating to disposal of timber with a 
retained economic interest) is amended by striking ``retains an 
economic interest in such timber'' and inserting ``either retains an 
economic interest in such timber or makes an outright sale of such 
timber''.
    (b) Conforming Amendments.--
            (1) The third sentence of section 631(b) of such Code is 
        amended by striking ``The date of disposal'' and inserting ``In 
        the case of disposal of timber with a retained economic 
        interest, the date of disposal''.
            (2) The heading for section 631(b) of such Code is amended 
        by striking ``With a Retained Economic Interest''.
    (c) Effective Date.--The amendments made by this section shall 
apply to sales after the date of the enactment of this Act.
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