HR 262
Disaster Reforestation Act
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The Disaster Reforestation Act amends the Internal Revenue Code to provide a specific deduction for losses of uncut timber resulting from events like fire, storm, theft, or other casualties. It establishes a rule that the deduction amount must be at least the difference between the timber's appraised value before the loss and its salvage value. The appraisal process is regulated to ensure professional standards, and taxpayers can use estimates if a full appraisal isn't available before filing, with adjustments made upon completion of the appraisal. Furthermore, the Act requires reforestation of the lost timber within five years to maintain the deduction, with potential recapture of benefits if this requirement isn't met.
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