H.R.3302 - Community Forestry Conservation Act of 2009111th Congress (2009-2010)
|Sponsor:||Rep. Thompson, Mike [D-CA-1] (Introduced 07/22/2009)|
|Committees:||House - Ways and Means|
|Latest Action:||07/22/2009 Referred to the House Committee on Ways and Means.|
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Summary: H.R.3302 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in House (07/22/2009)
Community Forestry Conservation Act of 2009 - Provides for the treatment of qualified forest conservation bonds as tax-exempt facility bonds under the Internal Revenue Code. Defines "qualified forest conservation bonds" as bonds issued for certain forestry organizations within 48 months after the enactment of this Act. Requires 95 percent or more of the net proceeds of such bonds to be used for specified forestry project costs, including the acquisition of forest lands subject to a conservation restriction.
Exempts from income tax income, gains, and other tax incidents generated by certain harvesting activity on forest lands purchased with qualified forest conservation bonds.