S 2768
Disaster Reforestation Act
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- Passed Senate
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Bill overview
The Disaster Reforestation Act modifies tax rules to allow a more accurate deduction for losses of uncut timber due to disasters like fire, storms, theft, or severe drought. Specifically, the deduction must be based on the timber’s appraised value immediately before the loss, minus its salvage value. To qualify for this enhanced deduction, the timber must be reforested with hardwoods, softwoods, or a combination of both within five years of the loss’s occurrence.
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