S 1381
108th Congress
Senate
Taxation
Capital gains tax
Commerce
Corporation taxes
Forest products
Forestry
Income tax
Lumber trade
Public Lands and Natural Resources
Reforestation
Reforestation Tax Act of 2003
Introduced: July 9, 2003
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 9, 2003
Read twice and referred to the Committee on Finance.
Jul 9, 2003
Sponsor introductory remarks on measure. (CR S9122-9123)
Jul 9, 2003
Introduced in Senate
Plain-English summary
Reforestation Tax Act of 2003 - Amends the Internal Revenue Code to allow a deduction to a taxpayer who has a qualified timber gain in an amount equal to the qualified percentage of such gain. Allows a deduction, for qualified timber property, for reforestation expenditures and terminates current provisions allowing for the amortization of such expenditures. Provides for the application of passive activity loss limitations to timber activity of an individual who is a member of a closely held entity if management of such activity is less than 100 hours annually.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1