S.1687 - Forest Recovery Act116th Congress (2019-2020) |
|Sponsor:||Sen. Hyde-Smith, Cindy [R-MS] (Introduced 05/23/2019)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 05/23/2019 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.1687 — 116th Congress (2019-2020)All Information (Except Text)
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.