Disaster Reforestation Act

Hozzl · 2025-02-06T09:06:26Z

Explore the details of House Bill 262 Disaster Reforestation Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

2/6/2025, 9:06 AM

Summary of Bill HR 262

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.

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Current Status of Bill HR 262

Bill HR 262 is currently in the status of Bill Introduced since January 9, 2025. Bill HR 262 was introduced during Congress 119 and was introduced to the House on January 9, 2025. Bill HR 262's most recent activity was Referred to the House Committee on Ways and Means. as of January 9, 2025

Bipartisan Support of Bill HR 262

Total Number of Sponsors

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Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 262

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 262

To amend the Internal Revenue Code of 1986 to provide a special rule for certain casualty losses of uncut timber.To amend the Internal Revenue Code of 1986 to provide a special rule for certain casualty losses of uncut timber.

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