[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 968 Introduced in Senate (IS)]
108th CONGRESS
1st Session
S. 968
To amend the Internal Revenue Code of 1986 to provide capital gain
treatment under section 631(b) of such Code for outright sales of
timber by landowners.
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IN THE SENATE OF THE UNITED STATES
May 1, 2003
Mr. Sessions introduced the following bill; which was read twice and
referred to the Committee on Finance
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A BILL
To amend the Internal Revenue Code of 1986 to provide capital gain
treatment under section 631(b) of such Code for outright sales of
timber by landowners.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. CAPITAL GAIN TREATMENT UNDER SECTION 631(B) TO APPLY TO
OUTRIGHT SALES BY LANDOWNERS.
(a) In General.--The first sentence of section 631(b) of the
Internal Revenue Code of 1986 (relating to disposal of timber with a
retained economic interest) is amended by striking ``retains an
economic interest in such timber'' and inserting ``either retains an
economic interest in such timber or makes an outright sale of such
timber''.
(b) Conforming Amendment.--The third sentence of section 631(b) of
such Code is amended by striking ``The date of disposal'' and inserting
``In the case of disposal of timber with a retained economic interest,
the date of disposal''.
(c) Effective Date.--The amendments made by this section shall
apply to sales after the date of the enactment of this Act.
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