What is the current status of HR 262?

HR 262 is currently: Passed Senate.

Who sponsored HR 262?

HR 262 was sponsored by Earl Carter (R), Rep.

Tax Break for Timber Losses from Disasters

IntroducedJanuary 9, 2025

Passed Senate1 year ago

Intro

House

Senate

Pres

Passed/agreed to in Senate

Why This Matters

This bill provides tax relief for property owners who lose uncut timber due to disasters like fires or storms.

If you own uncut timber and suffer a loss from a disaster, you can claim a larger tax deduction starting in 2025.

Who this affects

landowners · timber producers

What changes is this bill making?

1This bill allows property owners to claim larger tax deductions for uncut timber lost due to disasters.
2It sets a specific method for appraising the value of lost timber within one year of the loss.
3Taxpayers can estimate timber value if they cannot get an appraisal by their tax return deadline.
4The bill requires appraisals to follow professional standards and be done by certified appraisers.

Read the detailed summary

Master Sergeant Roddie Edmonds Congressional Gold Medal Act This bill provides for the posthumous award of a Congressional Gold Medal to Roddie Edmonds in recognition of his achievements and heroic actions during World War II.

Tax Break for Timber Losses from Disasters

IntroducedJanuary 9, 2025

Passed Senate1 year ago

Intro

House

Senate

Pres

Passed/agreed to in Senate

Why This Matters

This bill provides tax relief for property owners who lose uncut timber due to disasters like fires or storms.

If you own uncut timber and suffer a loss from a disaster, you can claim a larger tax deduction starting in 2025.

Who this affects

landowners · timber producers

What changes is this bill making?

1This bill allows property owners to claim larger tax deductions for uncut timber lost due to disasters.
2It sets a specific method for appraising the value of lost timber within one year of the loss.
3Taxpayers can estimate timber value if they cannot get an appraisal by their tax return deadline.
4The bill requires appraisals to follow professional standards and be done by certified appraisers.

Read the detailed summary