US HB1444 | 2019-2020 | 116th Congress

Status

Spectrum: Slight Partisan Bill (Republican 25-9)
Status: Introduced on February 28 2019 - 25% progression
Action: 2019-02-28 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Forest Recovery Act This bill modifies the tax deduction for casualty losses to establish special rules for losses of uncut timber. In the case of the loss of uncut timber from fire, storm, other casualty, or theft, the basis used for determining the amount of the deduction may not be less than the excess of (1) the fair market value of the uncut timber determined immediately before the loss was sustained, over (2) the salvage value of the timber. The rule applies only if (1) the timber was held for the purpose of being cut and sold, and (2) the uncut timber subject to the loss is reforested within five years of the loss. The bill also exempts casualty losses from uncut timber from the rule restricting the deduction for personal casualty losses to losses attributable to a federally declared disaster.

Tracking Information

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Title

Forest Recovery Act

Sponsors


History

DateChamberAction
2019-02-28HouseReferred to the House Committee on Ways and Means.
2019-02-28HouseIntroduced in House

Same As/Similar To

SB1687 (Same As) 2019-05-23 - Read twice and referred to the Committee on Finance.

Subjects


US Congress State Sources


Bill Comments

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