US Congress Senate Bill 1687 (Prior Session Legislation)

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Spectrum: Moderate Partisan Bill (Republican 9-1)
Status: Introduced on May 23 2019 - 25% progression, died in committee
Action: 2019-05-23 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Modifies the tax deduction for casualty losses to establish special rules for losses of uncut timber. In the case of the loss of uncut timber from fire, storm, other casualty, or theft, the basis used for determining the amount of the deduction may not be less than the excess of (1) the fair market value of the uncut timber determined immediately before the loss was sustained, over (2) the salvage value of the timber. The rule applies only if (1) the timber was held for the purpose of being cut and sold, and (2) the uncut timber subject to the loss is reforested within five years of the loss. The bill also exempts casualty losses from uncut timber from the rule restricting the deduction for personal casualty losses to losses attributable to a federally declared disaster.

Forest Recovery Act

Sen. Cindy Hyde-Smith [R-MS]	Sen. Roger Wicker [R-MS]	Sen. Marco Rubio [R-FL]	Sen. Tom Cotton [R-AR]
Sen. Johnny Isakson [R-GA]	Sen. John Boozman [R-AR]	Sen. Doug Jones [D-AL]	Sen. Kelly Loeffler [R-GA]
Sen. Bill Cassidy [R-LA]	Sen. David Perdue [R-GA]

Date	Chamber	Action
2019-05-23	Senate	Read twice and referred to the Committee on Finance.

HB1444 (Same As) 2019-02-28 - Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/senate-bill/1687/all-info
Text	https://www.congress.gov/116/bills/s1687/BILLS-116s1687is.pdf