Bill 119 HR 262, also known as the "Timber Casualty Loss Relief Act of 2021," aims to amend the Internal Revenue Code of 1986 to address the issue of certain casualty losses related to uncut timber.
The bill proposes a special rule that would allow individuals who own uncut timber to claim a tax deduction for casualty losses incurred due to events such as natural disasters, fires, or other unforeseen circumstances. Currently, the tax code does not provide a clear mechanism for individuals to claim deductions for such losses, leading to financial burdens for timber owners.
If passed, this legislation would provide much-needed relief for individuals who rely on uncut timber for their livelihoods. By allowing them to claim deductions for casualty losses, the bill seeks to alleviate some of the financial strain caused by unexpected events that damage or destroy their timber resources.
Overall, Bill 119 HR 262 aims to provide a fair and equitable solution for individuals who own uncut timber and experience casualty losses. It seeks to address a gap in the current tax code and ensure that timber owners are able to receive the financial support they need in times of crisis.