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Tax Relief for Timber Losses from Disasters and Theft

New rules make it easier for timber owners to recover financially from losses due to fires, storms, other casualties, pests, drought, or theft. This allows for larger tax deductions, provided the land is reforested. The aim is to support forest recovery after damage.
Key points
Increased tax deductions for timber losses: You can deduct more from your taxes if your timber is destroyed by natural disasters, pests, drought, or theft.
Reforestation requirement: To qualify for the deduction, you must reforest the damaged area within 5 years.
Professional appraisal of losses: The value of the loss must be estimated by a certified appraiser, following established standards.
Applies to timber held for sale: The relief only applies to timber intended for cutting and sale as part of a trade or business.
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Additional Information
Print number: 117_S_2768
Sponsor: Sen. Cassidy, Bill [R-LA]
Process start date: 2021-09-21
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Disaster Reforestation Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_2768.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-09-21.

What are the main provisions?

Key points include:

  • Increased tax deductions for timber losses: You can deduct more from your taxes if your timber is destroyed by natural disasters, pests, drought, or theft.
  • Reforestation requirement: To qualify for the deduction, you must reforest the damaged area within 5 years.
  • Professional appraisal of losses: The value of the loss must be estimated by a certified appraiser, following established standards.
  • Applies to timber held for sale: The relief only applies to timber intended for cutting and sale as part of a trade or business.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Cassidy, Bill [R-LA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Taxes Environment Agriculture