Forest Recovery Act

Washington, D.C. – With one-third of forest land in the United States held by family owners who currently have little recourse for relief following floods, wildfires, and other disasters, U.S. Senators Tom Cotton (R-Arkansas) and Cindy Hyde-Smith (R-Mississippi) introduced legislation to amend the tax code to support recovery work. The measure is cosponsored by Senators Roger Wicker (R-Mississippi) and Marco Rubio (R-Florida).

The Forest Recovery Act (S.1687) would amend the U.S. tax code to establish a special rule for losses of uncut timber following natural disasters. Providing a tax deduction for casualty losses would not only help landowners recover, but also encourage investment in reforesting damaged acres.

“More than half of Arkansas is forestland that supports thousands of jobs and contributes to the state’s natural beauty. This bill will benefit Arkansas’s many family forest landowners and encourage the rehabilitation of our forests after natural disasters,” said Cotton.      MORE

Designed by Reinhold Technology Solutions