Forest Recovery Act
Latest action · Feb 7, 2018 Referred to the House Committee on Ways and Means.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedFeb 7, 2018
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Forest Recovery Act
This bill amends the Internal Revenue Code, with respect to the 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.
Cosponsors 18
Members who signed on, in the order they did. Signatures ran from Feb 7, 2018 to Jul 11, 2018; 6 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-GA | Austin Scott | Original | Feb 7, 2018 |
| R-VA | Bob Goodlatte | Original | Feb 7, 2018 |
| R-AR | Bruce Westerman | Original | Feb 7, 2018 |
| R-LA | Ralph Lee Abraham | Original | Feb 7, 2018 |
| D-GA | Sanford D. Bishop, Jr. | Original | Feb 7, 2018 |
| R-MS | Steven M. Palazzo | Original | Feb 7, 2018 |
| R-AL | Bradley Byrne | Feb 26, 2018 | |
| R-GA | Jody B. Hice | Feb 26, 2018 | |
| R-LA | Mike Johnson | Apr 12, 2018 | |
| R-GA | Tom Graves | Apr 24, 2018 | |
| D-NH | Carol Shea-Porter | Apr 25, 2018 | |
| R-MS | Trent Kelly | Apr 25, 2018 | |
| R-GA | A. Drew Ferguson IV | May 7, 2018 | |
| D-PA | Matt Cartwright | May 7, 2018 | |
| R-KS | Roger Marshall | May 7, 2018 | |
| R-CO | Scott R. Tipton | May 8, 2018 | |
| D-ME | Chellie Pingree | May 23, 2018 | |
| R-TX | Brian Babin | Jul 11, 2018 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred Feb 7, 2018 |
Actions 2
Everything that happened, newest first.
- Feb 7, 2018Introduced in House
- Feb 7, 2018Referred to the House Committee on Ways and Means.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 164, no. 24, February 7, 2018, page H975.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 1444 | Forest Recovery Act | Reintroduced Bill | Feb 28, 2019 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Internal Revenue Code of 1986 to provide a special rule for certain casualty losses of uncut timber.
- Short Titles as Introduced
- Forest Recovery Act
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Feb 7, 2018Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
