Commercial timber owners would get new tax deductions for trees lost to disasters like fires or storms.
This bill would allow commercial timber owners to claim larger tax deductions if their uncut trees are destroyed by natural disasters, theft, or even severe drought and insects. It would change how they calculate these losses, allowing them to use an appraised value instead of just their original cost. To get the tax deduction, they would need to replant the lost trees within five years.
Today, the tax deduction for lost uncut timber is generally based on its original cost. This bill would allow a new way to calculate that deduction, letting commercial timber owners use the appraised value of the timber immediately before the loss, minus any salvage value, as a minimum deduction amount. It would also expand the types of events that count as a casualty to include insects, invasive species, and severe drought, and require reforestation within five years to get the benefit.
S 1141 · 119th Congress · AI Summary by gemini-2.5-flash · 10/10
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Amounts reflect total quarterly lobbying spend reported to the Senate, not bill-specific spending. Source: Senate LDA filings.