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H.R. 5798 (96th): Forestry Tax Incentive Act of 1979


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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Nov 2, 1979.


Forestry Tax Incentive Act of 1979 - Amends the Internal Revenue Code to allow owners of ten or more acres of forest lands a nonrefundable income tax credit for any capital expenditures which create or enhance: (1) forest growth and quality; (2) fish and wildlife habitat; (3) soil stabilization; or (4) outdoor recreation. Limits the amount of such credit to 75 percent of expenditures up to $5,000, 50 percent of expenditures between $5,000 and $15,000, 25 percent of expenditures between $15,000 and $25,000, and ten percent of expenditures between $25,000 and $50,000. Disqualifies expenditures which are made from payments received under the Cooperative Forestry Assistance Act of 1978.