Proposal:Forest Recovery Act

This proposal is archived and closed to further debate. It was introduced in the 116th Congress, which has concluded, and the bill was not enacted into law.

Bill	HR 1444
Type of Legislation	House Bill
Congress	116
Source	View original on Congress.gov

Geographic Scope

National

Description

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.

Bill Title

Forest Recovery Act

Linked Goals

• Goal:Promote General Welfare

Steps

• 2019-02-28: Referred to the House Committee on Ways and Means.
• 2019-02-28: Introduced in House
• 2019-02-28: Introduced in House

Projected Outcome

A more informed proposal or public response aligned with the Promote General Welfare goal.