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Legislative Progress
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vs 5,086 other S bills in the 116th — cohort avg 30d
Forest Recovery Act This bill 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.
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Filing registrants (2)
2020 · fourth_quarter · Taxation/Internal Revenue Code
H.R 1444 - Forest Recovery Act - support allowing timberland owner to deduct the cost of lost forest from natural disasters S. 1687 - Forest Recovery Act - support allowing timberland owner to deduct the cost of lost forest from natural disasters Limitation on deductibility of business interest expense
Client expense: Not reported · Firm income: Not reported
Read twice and referred to the Committee on Finance.
Introduced in Senate
Bills with similar content found using semantic analysis.
Sources: Congress.gov
Government targets: Agriculture, Dept of (USDA), Congressional Budget Office (CBO), HOUSE OF REPRESENTATIVES, SENATE
2020 · third_quarter · Taxation/Internal Revenue Code
H.R 1444 - Forest Recovery Act - support allowing timberland owner to deduct the cost of lost forest from natural disasters S. 1687 - Forest Recovery Act - support allowing timberland owner to deduct the cost of lost forest from natural disasters Limitation on deductibility of business interest expense
Client expense: Not reported · Firm income: Not reported
Government targets: Agriculture, Dept of (USDA), Congressional Budget Office (CBO), HOUSE OF REPRESENTATIVES, SENATE
2020 · second_quarter · Taxation/Internal Revenue Code
H.R 1444 - Forest Recovery Act - support allowing timberland owner to deduct the cost of lost forest from natural disasters S. 1687 - Forest Recovery Act - support allowing timberland owner to deduct the cost of lost forest from natural disasters
Client expense: Not reported · Firm income: Not reported
Government targets: Agriculture, Dept of (USDA), Congressional Budget Office (CBO), HOUSE OF REPRESENTATIVES, SENATE
2020 · first_quarter · Taxation/Internal Revenue Code
H.R 1444 - Forest Recovery Act - support allowing timberland owner to deduct the cost of lost forest from natural disasters S. 1687 - Forest Recovery Act - support allowing timberland owner to deduct the cost of lost forest from natural disasters
Client expense: Not reported · Firm income: Not reported
Government targets: HOUSE OF REPRESENTATIVES, SENATE
2019 · fourth_quarter · Taxation/Internal Revenue Code
H.R 1444 - Forest Recovery Act - support allowing timberland owner to deduct the cost of lost forest from natural disasters S. 1687 - Forest Recovery Act - support allowing timberland owner to deduct the cost of lost forest from natural disasters
Client expense: Not reported · Firm income: Not reported
Government targets: HOUSE OF REPRESENTATIVES, SENATE
2019 · third_quarter · Taxation/Internal Revenue Code
H.R 1444 - Forest Recovery Act - support allowing timberland owner to deduct the cost of lost forest from natural disasters S. 1687 - Forest Recovery Act - support allowing timberland owner to deduct the cost of lost forest from natural disasters
Client expense: Not reported · Firm income: Not reported
Government targets: HOUSE OF REPRESENTATIVES, SENATE
2019 · second_quarter · Taxation/Internal Revenue Code
H.R 1444 - Forest Recovery Act - support allowing timberland owner to deduct the cost of lost forest from natural disasters S. 1687 - Forest Recovery Act - support allowing timberland owner to deduct the cost of lost forest from natural disasters
Client expense: Not reported · Firm income: Not reported
Government targets: HOUSE OF REPRESENTATIVES, SENATE
2019 · second_quarter · Budget/Appropriations
S.1687 - Forest Recovery Act.Forest Recovery Act This bill 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.
Client expense: $20,000 · Firm income: Not reported
Government targets: HOUSE OF REPRESENTATIVES, SENATE
2019 · second_quarter · Budget/Appropriations
S.1687 - Forest Recovery Act.Forest Recovery Act This bill 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.
Client expense: $10,000 · Firm income: Not reported
Government targets: HOUSE OF REPRESENTATIVES, SENATE
2019 · first_quarter · Budget/Appropriations
S.1687 - Forest Recovery Act.Forest Recovery Act This bill 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.
Client expense: $20,000 · Firm income: Not reported
Government targets: HOUSE OF REPRESENTATIVES, SENATE
| Republican |
| AR |
| Johnny Isakson | Republican | GA |
| Kelly Loeffler | Republican | GA |
| Marco Rubio | Republican | FL |
| Roger F. Wicker | Republican | MS |
| Tom Cotton | Republican | AR |