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Disaster Reforestation Act

1/26/2024, 5:15 AM

Summary of Bill S 217

Bill 118 s 217, also known as the Disaster Reforestation Act, is a piece of legislation introduced in the US Congress. The main purpose of this bill is to provide funding and support for reforestation efforts in areas that have been affected by natural disasters such as wildfires, hurricanes, and other catastrophic events.

The bill outlines a plan to allocate resources to replant trees and restore forests in order to mitigate the environmental impact of these disasters. It also aims to create jobs and stimulate economic growth in communities that have been devastated by natural disasters.

Additionally, the Disaster Reforestation Act includes provisions for research and development of new technologies and techniques for reforestation, as well as measures to ensure the long-term sustainability of reforestation efforts. Overall, this bill seeks to address the environmental, economic, and social challenges posed by natural disasters through targeted reforestation initiatives. It has garnered bipartisan support in Congress and is currently under consideration for passage.

Congressional Summary of S 217

Disaster Reforestation Act

This bill sets forth a special rule for the tax deduction for casualty losses of uncut timber (including pre-merchantable timber). It provides that in losses of any uncut timber from fire, storm, wood-destroying insects or invasive species, severe drought, or from theft, the basis for determining the amount of the deduction for such loss shall not be less than the excess of the appraised value of such timber determined immediately before such loss was sustained, over the salvage value of such timber.

To be eligible for the casualty loss deduction, the uncut timber subject to the loss must be reforested not later than the close of the five-year period beginning on the date of the loss.

Current Status of Bill S 217

Bill S 217 is currently in the status of Bill Introduced since February 1, 2023. Bill S 217 was introduced during Congress 118 and was introduced to the Senate on February 1, 2023.  Bill S 217's most recent activity was Read twice and referred to the Committee on Finance. as of February 1, 2023

Bipartisan Support of Bill S 217

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
12
Democrat Cosponsors
4
Republican Cosponsors
8
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 217

Primary Policy Focus

Taxation

Potential Impact Areas

- Disaster relief and insurance
- Forests, forestry, trees
- Income tax deductions
- Inflation and prices

Alternate Title(s) of Bill S 217

Disaster Reforestation Act
Disaster Reforestation Act
A bill to amend the Internal Revenue Code of 1986 to provide a special rule for certain casualty losses of uncut timber.

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