The Forestry Recovery Act of 2019 (H.R. 144) would help woodland owners recover from natural disasters by increasing the amount of financial relief provided by the casualty loss tax deduction.
The legislation allows forest landowners to take a casualty loss tax deduction of up to fair market value of their timber when it is destroyed by a catastrophic disaster. The tax deduction is especially important because timber growers do not have access to crop insurance and private insurance is often too expensive and provides inconsistent coverage.
HR 1444 currently has 36 sponsors representing both parties and states from Florida to Texas and Maine to Colorado. The bill has been stalled in Ways and Means Committee since it was introduced last year.
For more info…