Search Results: keywords:"reforestation requirement"

  • S. 1141 — To amend the Internal Revenue Code of 1986 to provide a special rule for certain casualty losses of uncut timber.
    Status:Introduced in Senate
    Words:1,038

    S. 1141 seeks to amend the Internal Revenue Code to introduce a special rule for casualty losses of uncut timber. The bill specifies that, in the event of timber loss due to fire, storm, theft, or other causes, the deduction amount will be calculated based on the difference...

    Simple Explanation

    S. 1141 is a bill that wants to change some tax rules so that if trees in a forest get destroyed by things like storm or fire, the people who own the trees can get a tax break, but only if they promise to plant new trees within five years.

  • H. R. 262 — To amend the Internal Revenue Code of 1986 to provide a special rule for certain casualty losses of uncut timber.
    Status:Introduced in House
    Words:1,025

    The Disaster Reforestation Act seeks to amend the Internal Revenue Code to offer a special rule for determining tax deductions for certain casualty losses of uncut timber, such as those due to fire, storms, theft, or other events. The bill mandates that the deduction amount...

    Simple Explanation

    The bill wants to change the tax rules so that people can get a tax break if their trees, meant for selling, are damaged by things like storms or fires. To get this help, they have to know how much the trees were worth before the damage, and they must plant new trees within five years.