U.S. Rep. Buddy Carter (R-GA) recently proposed a bipartisan bill that would amend the federal tax code to add a special rule regarding a working forest landowner’s loss of any uncut timber from casualties including fire, storm, insects, invasive species, drought, or theft.
“Forestry is a vital part of rural economies all across our country, especially right here in Georgia,” Rep. Carter said. “Unfortunately, the current tax code provides no recourse for working forests struck by natural disasters.”
The Disaster Reforestation Act, H.R. 655, which Rep. Carter sponsored on Jan. 31 with lead original cosponsor U.S. Rep. Terri Sewell (D-AL), would reduce the financial burden of recovery by amending the tax code to recognize the value of destroyed timber, according to a bill summary provided by Rep. Carter’s office.
“The Disaster Reforestation Act will ensure timber farming is a viable way of life, protecting the many jobs and consumer products it supports and its positive impact to our environment,” said Rep. Carter. “I’m proud to work with Congresswoman Sewell and our partners from across the country to address this issue.”
Currently, the Internal Revenue Code of 1986 restricts the ability of forest landowners to claim losses from destroyed timber, in turn limiting their ability to reforest lands that typically take 20 years to 80 years to yield a profit for a forester, the summary says.
“Tragically, our private forest owners are often left devastated as a result of severe storms and natural disasters,” Rep. Sewell said. “As we continue to recover from the storms that struck Alabama on Jan. 12, I am proud to join my colleagues in introducing the Disaster Reforestation Act, which will offer a helping hand to Alabama’s private forest owners as they work to reforest after natural disasters.”
The Forest Landowners Association endorsed S. 655, which has been referred for consideration to the U.S. House Ways and Means Committee.