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Tax relief for timber losses after disasters and reforestation requirement.

This act introduces new rules for deducting timber losses caused by natural disasters like fires or storms. It aims to help forest owners recover from such events, provided they reforest the damaged areas. These changes may impact the finances of individuals and businesses involved in timber harvesting.
Key points
Forest owners can deduct larger losses for damaged timber if it was intended for sale.
To qualify for the relief, damaged areas must be reforested within five years.
The loss value must be confirmed by a certified appraiser.
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Additional Information
Print number: 118_HR_655
Sponsor: Rep. Carter, Earl L. "Buddy" [R-GA-1]
Process start date: 2023-01-31
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Summarized by: gemini-2.5-flash-preview-05-20
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 118_HR_655.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-01-31.

What are the main provisions?

Key points include:

  • Forest owners can deduct larger losses for damaged timber if it was intended for sale.
  • To qualify for the relief, damaged areas must be reforested within five years.
  • The loss value must be confirmed by a certified appraiser.
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 Rep. Carter, Earl L. "Buddy" [R-GA-1].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Taxes Environment Agriculture