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S. 524: Timber Revitalization and Economic Enhancement Act of 2017

The text of the bill below is as of Mar 2, 2017 (Introduced).


II

115th CONGRESS

1st Session

S. 524

IN THE SENATE OF THE UNITED STATES

March 2, 2017

(for himself, Mr. Brown, Mr. Cochran, Mr. Cotton, Mr. Isakson, and Mr. Wicker) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend the Internal Revenue Code of 1986 to make permanent certain provisions of the Heartland, Habitat, Harvest, and Horticulture Act of 2008 relating to timber.

1.

Short title

This Act may be cited as the Timber Revitalization and Economic Enhancement Act of 2017.

2.

Treatment of timber gains

(a)

In general

Paragraph (1) of section 1201(b) of the Internal Revenue Code of 1986 is amended by striking beginning in and inserting beginning after.

(b)

Effective date

The amendments made by this section shall apply to taxable years beginning after December 31, 2016.