S 1501
111th Congress
Senate
Taxation
Forests, forestry, trees
Income tax exclusion
Land transfers
Land use and conservation
Securities
Community Forestry Conservation Act of 2009
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 22, 2009
Read twice and referred to the Committee on Finance.
Jul 22, 2009
Introduced in Senate
Plain-English summary
Community Forestry Conservation Act of 2009 - Provides for the treatment of qualified forest conservation bonds as tax-exempt facility bonds under the Internal Revenue Code. Defines "qualified forest conservation bonds" as bonds issued for certain forestry organizations within 48 months after the enactment of this Act. Requires 95 percent or more of the net proceeds of such bonds to be used for specified forestry project costs, including the acquisition of forest lands subject to a conservation restriction.
Exempts from income tax income, gains, and other tax incidents generated by certain harvesting activity on forest lands purchased with qualified forest conservation bonds.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1