Disaster Reforestation Act

Bill 119 s 1141, also known as the "Timber Casualty Loss Relief Act," is a proposed amendment to the Internal Revenue Code of 1986. The purpose of this bill is to provide a special rule for certain casualty losses of uncut timber.

Under current tax law, individuals who own uncut timber that is destroyed by a casualty, such as a natural disaster, are able to deduct the fair market value of the timber as a casualty loss on their tax return. However, this deduction is subject to certain limitations and restrictions.

The Timber Casualty Loss Relief Act seeks to simplify and streamline the process for individuals who suffer losses of uncut timber due to a casualty. The bill proposes to allow individuals to deduct the full fair market value of the timber as a casualty loss, without being subject to the current limitations and restrictions. This bill aims to provide much-needed relief to individuals who rely on income from timber sales and who may be disproportionately affected by natural disasters or other unforeseen events. By allowing for a more generous deduction for timber casualty losses, the bill seeks to support and protect individuals who are impacted by these types of losses. Overall, the Timber Casualty Loss Relief Act is a targeted and specific amendment to the tax code that aims to provide assistance to individuals who own uncut timber and suffer losses due to casualties. It is designed to simplify the tax treatment of these losses and provide much-needed relief to those who are affected.