OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Providing Forest Landowners Some Financial Recovery

Floor Speech

Date: April 19, 2023
Location: Washington, DC

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Mr. CARTER of Georgia. Mr. Speaker, I rise today in full support of the bipartisan and bicameral H.R. 655, known as the Disaster Reforestation Act. Specifically, this bill would eliminate the ``basis limitation rule'' allowing landowners who farm trees with the intent of sale to deduct the value of their timber loss from a natural disaster, providing forest landowners financial recovery after a catastrophic event.

There is currently no Federal program that allows timber farmers to recoup the loss of their timber, leaving them with no way to economically recover after a natural disaster.

Private forests in the U.S. are vital to rural economies, strong domestic wood supply, and as a natural climate solution. Our Nation's private forests act as our largest carbon sinks and are essential to providing clean air and water.

Fixing this casualty loss issue would provide an immediate and permanent solution for forest landowners to keep their forests working, a vital part of rural economies.

Again, this is a bipartisan and bicameral bill, and I urge my colleagues to join me in support of H.R. 655, the Disaster Reforestation Act.

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