WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator Bill Cassidy (R-LA) in reintroducing legislation to help America's landowners recover from the loss of timber after natural disasters. The Disaster Reforestation Act amends and makes improvements to the tax code to allow forest owners to deduct the value of their timber prior to the loss caused by a natural disaster.
Sen. Tuberville cosponsored this legislation in the 118th Congress.
"Natural disasters can't be stopped, but we can help those who are affected by them," said Sen. Tuberville. "Taking care of Alabama's foresters is crucial to our state's industry. This bill lightens the load when our forest owners are hit by a storm. It's encouraging to see my colleagues on both sides of the aisle coming together to help future foresters in the wake of disaster."
"Louisianans know too well the importance of natural disaster relief," said Sen. Cassidy. "When their lives and communities are torn apart by storms, they need a fix like this."
U.S. Sens. Tuberville and Cassidy were also joined by U.S. Sens. Katie Britt (R-AL), Angus King (I-ME), and Raphael Warnock (D-GA) in cosponsoring the legislation.
This legislation is supported by the Alabama Forestry Association, American Forest Foundation, Arkansas Forestry Association, Association of Consulting Foresters, California Forestry Association, Florida Forestry Association, Forest Resources Association, Forestry Association of South Carolina, Georgia Forestry Association, Hardwood Federation, Iowa Coalition For Trees and Forests, Iowa Woodland Owners, Kentucky Forest Industries Association, Louisiana Forestry Association, Massachusetts Forest Alliance, Mississippi Forestry Association, National Alliance of Forest Owners, National Association of State Foresters, National Woodlands Association, North Carolina Forestry Association, Ohio Forestry Association, Oklahoma Forestry Association, Pennsylvania Forestry Association, Society of American Foresters, Southeastern Lumber Manufacturers Association, Southern Group of State Foresters, Tennessee Forestry Association, Texas Forestry Association, The Carbon Fund, Trees Forever, Virginia Forestry Association, Washington Farm Forestry Association, Washington Forest Protection Association, and Wildlife Mississippi.
Previous disaster relief policies and programs provide much-needed relief for agriculture crops and farmers, however, they do not provide any economic relief for farmers whose timber crops were destroyed. The Disaster Reforestation Act allows landowners to deduct the full value of timber destroyed during disaster events in the same way the tax code treats other crops.
In the case of the loss of uncut timber from fire, storm, other casualty, or theft, the basis used for determining the amount of the deduction may not be less than the excess of the appraised value of the uncut timber determined immediately before the loss was sustained or over the salvage value of the timber.
Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans' Affairs, HELP, and Aging Committees
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