A bipartisan bill recently sponsored by U.S. Rep. Buddy Carter (R-GA) would amend the tax code to recognize the value of destroyed timber so that foresters could more easily recover from a natural disaster.
“A single storm can wipe out a generation’s worth of investment into a private working forest,” Rep. Carter said on Jan. 17. “Many foresters are unable to replant following a loss, causing a supply chain crunch in the lumber market, economic strain on local economies, and environmental harm due to lack of forestland.”
On Jan. 9 he sponsored the Disaster Reforestation Act, H.R. 262, with lead original cosponsor U.S. Rep. Terri Sewell (D-AL) to amend the Internal Revenue Code of 1986 to provide a special rule for certain casualty losses of uncut timber, according to the Congressional Record bill summary.
If enacted, the measure would “protect foresters from the worst impacts of natural disasters, ensuring timber farming is a viable way of life and protecting the many jobs, products, and positive environmental impacts this industry provides,” said Rep. Carter.
By providing for the equitable tax treatment of casualty loss of their timber crop when disaster strikes, the bill will foster stability and growth for foresters in one of Georgia’s key industries and promote environmental wellness through reforestation and wildfire prevention, he added.
H.R. 262 is under consideration in the U.S. House Ways and Means Committee.