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Washington, D.C. — U.S. Senators Marco Rubio (R-FL), Cindy Hyde-Smith (R-MS), Roger Wicker (R-MS), and Tom Cotton (R-AR) introduced the Forest Recovery Act (S.1687), which 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.
“Hurricane Michael devastated Northwest Florida’s timber industry,” Rubio said. “I am glad to join my colleagues in proposing legislation to ensure that future timber losses due to natural disasters, like Hurricane Michael, will receive needed tax relief.”
“Not allowing these timber interests, many of whom are family-owned small business operations, to recover their losses doesn’t help anyone—not them, the local economy, or the environment,” Hyde-Smith said. “My bill would create an opportunity to make this right.”
“Mississippi’s millions of acres of forests are our state’s second largest agricultural product by value but are not eligible for tax relief in case of disaster,” Wicker said. “This proposal would provide landowners much-needed relief in the event of a catastrophe and encourage the return of this land to active production.”
“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,” Cotton said.
The legislation would adjust current tax law, which restricts casualty loss deductions to losses incurred in federally-declared disaster areas. Even when wildfires or floods do not result in a formal disaster designation, federal crop insurance coverage is unavailable for forest lands, and there are no affordable private insurance products.
Specifically, the Forest Recovery Act would: