New Bipartisan Bill Would Deliver Tax Relief for Forest Landowners After Disasters

New Bipartisan Bill Would Deliver Tax Relief for Forest Landowners After Disasters

Critical Context When hurricanes, wildfires, ice storms, or pest outbreaks hit, the financial impact on forest landowners can be devastating. Timber, the most valuable asset in most family-owned forests, can be wiped out in an instant. Yet under current law, timber is excluded from the Federal Crop Insurance Program and casualty tax deductions are limited. With limited assistance from the government and no widely available private insurance opti…