US Congress House Bill 4962 (Prior Session Legislation)

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Sponsorship: Moderate Partisan Bill (Republican 15-4)
Status: Introduced on February 7 2018 - 25% progression, died in committee
Action: 2018-02-07 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Forest Recovery Act This bill amends the Internal Revenue Code, with respect to the 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.

Forest Recovery Act

Rep. Earl Carter [R-GA]	Rep. Bruce Westerman [R-AR]	Rep. Ralph Abraham [R-LA]	Rep. Austin Scott [R-GA]
Rep. Bob Goodlatte [R-VA]	Rep. Steven Palazzo [R-MS]	Rep. Sanford Bishop [D-GA]	Rep. Bradley Byrne [R-AL]
Rep. Jody Hice [R-GA]	Rep. Mike Johnson [R-LA]	Rep. Tom Graves [R-GA]	Rep. Trent Kelly [R-MS]
Rep. Carol Shea-Porter [D-NH]	Rep. Matthew Cartwright [D-PA]	Sen. Roger Marshall [R-KS]	Rep. Drew Ferguson [R-GA]
Rep. Scott Tipton [R-CO]	Rep. Chellie Pingree [D-ME]	Rep. Brian Babin [R-TX]

Date	Chamber	Action
2018-02-07	House	Referred to the House Committee on Ways and Means.
2018-02-07	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/house-bill/4962/all-info
Text	https://www.congress.gov/115/bills/hr4962/BILLS-115hr4962ih.pdf