S 1687
Forest Recovery Act
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
The Forest Recovery Act modifies tax rules to provide specific deductions for losses of uncut timber due to events like fire, storm, or theft. It establishes that the basis for calculating the deduction must be at least the difference between the timber’s fair market value before the loss and its salvage value. To qualify, the timber must have been held for sale and replanted within five years of the loss. Additionally, losses from uncut timber are exempt from restrictions related to personal casualty losses following a federally declared disaster.
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Primary sponsor
Cosponsors
David Perdue
Doug Jones
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