Tax Relief for Timber Losses After Disasters and Reforestation Requirement.
New rules make it easier to deduct timber losses from fire, storms, theft, or pests, potentially helping forest owners recover. To qualify, the timber must be held for sale, and the affected area must be reforested within five years. This support aims to encourage rapid forest recovery after disasters.
Key points
Forest owners can deduct larger timber losses from natural disasters or theft, reducing their taxes.
Loss value will be based on appraisal before the event, not just salvage value.
To qualify, timber must be held for sale, and the damaged area must be reforested within five years.
Rules cover losses from insects, invasive species, and severe drought, expanding support.
Introduced
Citizen Poll