Disaster Reforestation Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 262 Introduced in House (IH)] <DOC> 119th CONGRESS 1st Session H. R. 262 To amend the Internal Revenue Code of 1986 to provide a special rule for certain casualty losses of uncut timber. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES January 9, 2025 Mr. Carter of Georgia (for himself and Ms. Sewell) introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to provide a special rule for certain casualty losses of uncut timber. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Disaster Reforestation Act''. SEC. 2. CASUALTY LOSSES OF UNCUT TIMBER. (a) In General.--Section 165(b) of the Internal Revenue Code of 1986 is amended-- (1) by striking ``For purposes of subsection (a)'' and inserting the following: ``(1) In general.--For purposes of subsection (a)'', and (2) by adding at the end the following new paragraph: ``(2) Special rule for casualty loss of uncut timber.-- ``(A) In general.--In the case of the loss of any uncut timber from fire, storm, or other casualty, or from theft, the basis for determining the amount of the deduction for such loss (as otherwise determined under paragraph (1)) shall not be less than the excess of-- ``(i) the appraised value of such uncut timber determined immediately before such loss was sustained, over ``(ii) the salvage value of such timber. ``(B) Appraisal methods.-- ``(i) In general.--With respect to the appraisal of a timber casualty loss described in subparagraph (A)-- ``(I) the appraisal valuation date shall be not later than 1 year after the casualty loss, and ``(II) the appraisal shall-- ``(aa) conform to the Uniform Stand