The Disaster Reforestation Act modifies federal tax rules to help timber owners recover from natural disasters and other losses to their uncut timber. When timber is destroyed by fire, storms, theft, insects, invasive species, or severe drought, the bill allows owners to claim larger tax deductions by basing the loss on the timber's appraised value before the loss rather than current salvage value. To use this benefit, property owners must obtain a certified appraisal within one year of the loss and replant the affected land within five years; if they fail to replant, the tax benefit will be recaptured by the IRS. The bill applies to timber held for commercial cutting purposes and takes effect immediately for losses occurring in tax years after its enactment. This measure primarily affects timber companies and forestry landowners dealing with disaster-related losses.
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