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118th Congress Taxation

H.R. 655: Disaster Reforestation Act

Introduced

  1. Introduced (completed)Jan 31, 2023
  2. Passed House (not reached)
  3. Passed Senate (not reached)
  4. To the President (not reached)
  5. Became law (not reached)

Summary

Introduced in House, Jan 31, 2023

This bill sets forth a special rule for the tax deduction for casualty losses of uncut timber (including pre-merchantable timber). It provides that in losses of any uncut timber from fire, storm, insects, invasive species, drought, or other casualty, or from theft, the basis for determining the amount of the deduction for such loss shall not be less than the excess of the value of such timber determined immediately before such loss was sustained, over the salvage value of such timber.

To be eligible for the casualty loss deduction, the uncut timber subject to the loss must be reforested not later than the close of the five-year period beginning on the date of the loss.

Written by the Congressional Research Service, Library of Congress.

Roll calls

0 votes on this bill

No roll call votes have been held on this bill.

Amendments

0 offered

No amendments were offered to this bill.

Cosponsors

38

Bipartisan support.

Who scored on this bill

12 points earned
  1. 1Earl Carter R-GA SponsorDrew cross-party cosponsors, introduced, reached a cosponsor milestone3 events+12
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Introductions and cosponsorships count toward weekly caps and show no points.

Other bills by Earl Carter

History

  1. Jan 31, 2023Introduced in the House by Earl Carter.
Show the full action history (2 actions)
  1. Jan 31, 2023Introduced in House
  2. Jan 31, 2023Referred to the House Committee on Ways and Means.