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Tax Break for Timber Losses from Disasters

Recent Bills/Tax Break for Timber Losses from Disasters

Tax Break for Timber Losses from Disasters

IntroducedJanuary 9, 2025

Introduced1 year ago

Intro

House

Senate

Pres

Referred to the House Committee on Ways and Means.

More:Recently Introduced Bills Taxes House Bills

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.

Last changed 25 days ago · checked hourly

Bill Progress1 of 4

Bills must pass the House, Senate, and be signed by the President to become law.

Intro

House

Senate

Pres

IntroducedCurrentJan 9, 2025

Referred to the House Committee on Ways and Means.

Sponsors

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House

Senate

President

The President

Similar Bills

House Bill · HR 481

1 of 4 · Introduced

Removes Tax Limits on Disaster Losses

Protecting Homeowners from Disaster Act of 2025

House Bill · HR 5366

4 of 4 · Became Law

Doug LaMalfa Federal Disaster Tax Relief Certainty Act

House Bill · HR 517

4 of 4 · Became Law

Extends Tax Deadline After Disasters

Filing Relief for Natural Disasters Act