Carter leads bill amending tax code to recognize value of destroyed timber

WASHINGTON, D.C. - Rep. Earl L. "Buddy" Carter (R-GA) introduced the Disaster Reforestation Act, a bill to help working forests recover from a natural disaster by amending the tax code to recognize the value of destroyed timber.

The current tax code disadvantages forest landowners by restricting their ability to claim loss from destroyed timber, harming their ability to reforest lands. Timber typically takes 20 to 80 years to yield profit for the forester, making it extremely difficult to recover after a catastrophic loss.

By providing for the equitable tax treatment of casualty loss of their timber crop when disaster strikes, this bill will foster stability and growth for foresters in one of Georgia's key industries and promote environmental wellness through reforestation and wildfire prevention.

"A single storm can wipe out a generation's worth of investment into a private working forest. Many foresters are unable to replant following a loss, causing a supply chain crunch in the lumber market, economic strain on local economies, and environmental harm due to lack of forestland. The Disaster Reforestation Act will protect foresters from the worst impacts of natural disasters, ensuring timber farming is a viable way of life and protecting the many jobs, products, and positive environmental impacts this industry provides," said Rep. Carter.

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