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HR 262119th CongressIn Committee
Disaster Reforestation Act
Introduced: Jan 9, 2025
Sponsor: Rep. Carter, Earl L. "Buddy" [R-GA-1] (R-Georgia)
Standard Summary
Comprehensive overview in 1-2 paragraphs
Amends tax code to provide special casualty loss rules for uncut timber, requiring reforestation and allowing deductions based on appraised value minus salvage value.
Key Points
- 1Allows casualty loss deductions for uncut timber based on appraised value
- 2Requires professional appraisals within one year of loss
- 3Mandates reforestation within 5 years to qualify for deduction
- 4Includes pre-merchantable timber in definition
- 5Provides for estimated values with later adjustments
- 6Applies to fire, storms, theft, insects, invasive species, and drought
Impact Areas
Timber industryForest landownersInternal Revenue ServiceForestry managementNatural disaster recoveryEnvironmental conservation
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