[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 968 Introduced in Senate (IS)]







108th CONGRESS
  1st Session
                                 S. 968

  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 SENATE OF THE UNITED STATES

                              May 1, 2003

 Mr. Sessions introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

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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. 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 Amendment.--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''.
    (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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