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To amend the Internal Revenue Code of 1986 to provide a special rule for certain casualty losses of uncut timber.
Summary
This bill provides a tax deduction for casualties involving uncut timber lost to fire, storm, theft, wood-destroying insects, invasive species, or severe drought. The deduction is based on the difference between the appraised value of the timber immediately before the loss and its salvage value. Appraisals must be completed by a certified appraiser within one year of the loss and conform to professional appraisal standards; taxpayers may estimate values and file amended returns when the appraisal is completed. The deduction applies only to timber held for commercial sale in an active business, and includes pre-merchantable timber. Critically, taxpayers must reforest the affected land within five years of the loss, or the tax benefit will be recaptured by the Internal Revenue Service.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
25 cosponsors
- Rep. Allen, Rick W. [R-GA-12] (R-GA)
- Rep. Bergman, Jack [R-MI-1] (R-MI)
- Rep. Bishop, Sanford D. [D-GA-2] (D-GA)
- Rep. Collins, Mike [R-GA-10] (R-GA)
- Rep. Edwards, Chuck [R-NC-11] (R-NC)
- Rep. Fitzpatrick, Brian K. [R-PA-1] (R-PA)
- Rep. Guest, Michael [R-MS-3] (R-MS)
- Rep. Huffman, Jared [D-CA-2] (D-CA)
- Rep. Jack, Brian [R-GA-3] (R-GA)
- Rep. Lawler, Michael [R-NY-17] (R-NY)
- Rep. Letlow, Julia [R-LA-5] (R-LA)
- Rep. Moore, Barry [R-AL-1] (R-AL)
- Rep. Moran, Nathaniel [R-TX-1] (R-TX)
- Rep. Murphy, Gregory F. [R-NC-3] (R-NC)
- Rep. Panetta, Jimmy [D-CA-19] (D-CA)
- Rep. Perez, Marie Gluesenkamp [D-WA-3] (D-WA)
- Rep. Pingree, Chellie [D-ME-1] (D-ME)
- Rep. Rogers, Mike D. [R-AL-3] (R-AL)
- Rep. Rouzer, David [R-NC-7] (R-NC)
- Rep. Rutherford, John H. [R-FL-5] (R-FL)
- Rep. Scott, Austin [R-GA-8] (R-GA)
- Rep. Sessions, Pete [R-TX-17] (R-TX)
- Rep. Sewell, Terri A. [D-AL-7] (D-AL)
- Rep. Vindman, Eugene Simon [D-VA-7] (D-VA)
- Rep. Westerman, Bruce [R-AR-4] (R-AR)
Money behind the sponsor
Top reported contributors to Earl L. "Buddy" Carter’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
- NULL $80,924
- INTERNATIONAL AUTO LOGISTICS $7,500
- SAVANNAH PILOTS ASSOC $6,600
- HENNESSY AUTOMOBILE COMPANIES $6,600
- SADOWSKI CO $6,600
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Earl L. "Buddy" Carter → · Outside spending →
Actions (2)
- Jan 9, 2025 Referred to the House Committee on Ways and Means. · house
- Jan 9, 2025 Introduced in House
More bills on these subjects (8)
Other bills that carry the most legislative subjects in common with this one (topical discovery — distinct from the procedural related bills above).
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Text versions (1)
Bills are re-published as they move (Introduced → Reported → Engrossed → Enrolled …). Each stage below is a separate text; pick two to see what changed. Data from Congress.gov.
Full text
IN THE HOUSE OF REPRESENTATIVES
January 9, 2025
Mr. Carter of Georgia (for himself and Ms. Sewell) introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to provide a special rule for certain casualty losses of uncut timber.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Disaster Reforestation Act”.
SEC. 2. CASUALTY LOSSES OF UNCUT TIMBER.
(a) In General.—Section 165(b) of the Internal Revenue Code of 1986 is amended—
(1) by striking “For purposes of subsection (a)” and inserting the following:
“(1) In general.—For purposes of subsection (a)”, and
(2) by adding at the end the following new paragraph:
“(2) Special rule for casualty loss of uncut timber.—
“(A) In general.—In the case of the loss of any uncut timber from fire, storm, or other casualty, or from theft, the basis for determining the amount of the deduction for such loss (as otherwise determined under paragraph (1)) shall not be less than the excess of—
“(i) the appraised value of such uncut timber determined immediately before such loss was sustained, over
“(ii) the salvage value of such timber.
“(B) Appraisal methods.—
“(i) In general.—With respect to the appraisal of a timber casualty loss described in subparagraph (A)—
“(I) the appraisal valuation date shall be not later than 1 year after the casualty loss, and
“(II) the appraisal shall— “(aa) conform to the Uniform Standards of Professional Appraisal Practice (USPAP), “(bb) be limited to the value of the lost timber, and
“(cc) be completed by a Federal- or State-certified appraiser.
“(ii) Delay in completion of appraisal.—
“(I) In general.—In the case of any taxpayer who is unable to obtain an appraisal described in clause (i) before the due date of the return of tax (including any extension of time for filing such return) for the taxable year in which the timber casualty loss occurred, the taxpayer may elect to— “(aa) with respect to the return of tax for such taxable year, include an estimate of the value of the uncut timber determined immediately before the loss was sustained, and “(bb) upon completion of the appraisal within the period described in clause (i)(I), file an amended return for such taxable year with respect to any adjustment in taxable income as determined pursuant to subclause (II).
“(II) Adjustment of taxable income.—With respect to any taxpayer who elects to provide an estimate described in subclause (I)(aa) for any taxable year in which a timber casualty loss occurred, the taxable income of the taxpayer for such taxable year shall be increased or decreased, as applicable, by an amount equal to the difference between— “(aa) the appraised value of such uncut timber determined immediately before such loss was sustained, as determined pursuant to the appraisal described in clause (i), and “(bb) the estimate provided by the taxpayer under subclause (I)(aa) with respect to such uncut timber.
“(C) Exclusion of timber not held for sale.— Subparagraph (A) shall not apply to any timber unless such timber is held for the purpose of being cut and sold in connection with a trade or business that is not a passive activity within the meaning of section 469.
“(D) Inclusion of pre-merchantable timber.—For purposes of this paragraph, the term ‘uncut timber’ shall not fail to include pre-merchantable timber.
“(E) Reforestation requirement.—
“(i) In general.—Subparagraph (A) shall not apply unless the uncut timber subject to the loss is reforested (with hardwoods, softwoods, or any combination thereof) by planting, seeding, or appropriate site preparation, not later than the close of the 5- year period beginning on the date of such loss.
“(ii) Recapture.—The Secretary shall, by regulations, provide for recapturing the benefit of any deduction allowed under this section with respect to any uncut timber subject to loss to which subparagraph (A) applied if the taxpayer fails to comply with clause (i) during the period provided under such clause.
“(F) Other casualties.—For purposes of subparagraph (A), the term ‘other casualty’ shall include loss of any uncut timber from—
“(i) wood-destroying insects,
“(ii) wood-destroying invasive species, or
“(iii) severe drought.”.
(b) Effective Date.—The amendments made by this section shall apply to losses sustained in taxable years beginning after the date of the enactment of this Act. <all>
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