The Disaster Reforestation Act would allow timber owners to claim larger tax deductions when they lose uncut timber due to natural disasters, theft, or other casualties like insect damage or severe drought. Under current tax law, timber loss deductions are limited; this bill would instead let owners deduct the difference between the timber's appraised value before the loss and its salvage value, using appraisals completed by certified professionals within one year of the loss. The law would apply to timber held for commercial purposes in active businesses and would require owners to replant the affected land within five years of the loss or forfeit the tax benefit. Taxpayers unable to obtain an appraisal before filing their tax return could submit an estimate and amend their return later once the appraisal is complete. The bill takes effect for losses occurring after it becomes law.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.