Lets timber businesses claim a special tax deduction for trees lost to disasters.
Businesses that grow and sell timber could claim a special tax break if their trees are lost to disasters like fire, storms, drought, or theft. This would help them recover money by allowing a bigger deduction based on the timber's value before it was lost. They would need to replant the trees within five years to get this benefit.
Today, the tax deduction for uncut timber lost to disasters or theft is calculated using general tax rules. After this bill, businesses that grow and sell timber would be able to use a special rule. This rule would ensure their deduction is at least the timber's appraised value before the loss, minus salvage value. To qualify, they must reforest the land within five years and follow new appraisal guidelines.
HR 262 · 119th Congress · January 9, 2025 · AI Summary by gemini-2.5-flash · 9/10
Sign in to see your representatives' phone numbers
12 filings mentioned this bill
Amounts reflect total quarterly lobbying spend reported to the Senate, not bill-specific spending. Source: Senate LDA filings.