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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - Senate

Short Titles as Introduced

Forest Recovery Act

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to amend the Internal Revenue Code of 1986 to provide a special rule for certain casualty losses of uncut timber.


Actions Overview (1)

Date
05/23/2019Introduced in Senate

All Actions (1)

Date
05/23/2019Read twice and referred to the Committee on Finance.
Action By: Senate

Cosponsors (5)

* = Original cosponsor
CosponsorDate Cosponsored
Sen. Wicker, Roger F. [R-MS]* 05/23/2019
Sen. Rubio, Marco [R-FL]* 05/23/2019
Sen. Cotton, Tom [R-AR]* 05/23/2019
Sen. Isakson, Johnny [R-GA] 06/05/2019
Sen. Boozman, John [R-AR] 06/05/2019

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
Senate Finance05/23/2019 Referred to

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Subjects (5)


Latest Summary (1)

There is one summary for S.1687. View summaries

Shown Here:
Introduced in Senate (05/23/2019)

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.