S. 3399Senate110th Congress (2007-2009)In Committee

Timber Revitalization and Economic Enhancement Act II of 2008

Introduced July 31, 2008

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance.

July 31, 2008

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SenateIntro Referral

Introduced in Senate

July 31, 2008

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S7954-7955)

July 31, 2008

SenateIntro Referral

Read twice and referred to the Committee on Finance.

July 31, 2008

Floor Debate

24 members

What members said about S. 3399 on the floor

7 Republicans16 Democrats1 Independent
Tom Harkin
Sen. Tom HarkinD-IA · Jul 31, 2008

Mr. President, I am proud to join my colleagues in introducing the Medical Device Safety Act. This legislation reverses the Supreme Court's erroneous decision in Riegel v. Medtronic. There, the Court…

Richard J. Durbin
Sen. Richard J. DurbinD-IL · Jul 31, 2008

Mr. President, today I rise to introduce the FDA Food Safety Modernization Act. Yesterday, the Food and Drug Administration, which is responsible for ensuring the safety of about 80 percent of our…

Harry Reid
Sen. Harry ReidD-NV · Jul 31, 2008

Mr. President, today I rise with my good friend Senator Ensign to introduce the Carson City Vital Community Act of 2008. The origins of this legislation can be found in Carson City's collaborative…

Bernard Sanders
Sen. Bernard SandersI-VT · Jul 31, 2008

Mr. President, today there is some good news and some bad news. The bad news is that oil is at $123 a barrel and working people are paying $4 for a gallon of gas, and this coming winter residents of…

Kent Conrad
Sen. Kent ConradD-ND · Jul 31, 2008

Mr. President, today I join my good friend and colleague, Senator Baucus, in introducing the Comparative Effectiveness Research Act of 2008. This proposal is the product of months of careful…

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Susan M. Collins
Sen. Susan M. CollinsR-ME · Jul 31, 2008

Mr. President, I rise to join my friend Senator Wyden in introducing a bill that will ban the sale of certain novelty lighters that children can mistake for toys, often with tragic consequences for…

Orrin G. Hatch
Sen. Orrin G. HatchR-UT · Jul 31, 2008

Mr. President, I rise today to introduce the National Pain Care Policy Act of 2008. I am pleased to have worked with my colleague, Senator Christopher Dodd, on this legislation which will help to…

Gordon H. Smith
Sen. Gordon H. SmithR-OR · Jul 31, 2008

Mr. President, I rise today with my colleague Senator Ron Wyden to introduce a bill that will help improve the lives of our veterans who are suffering from a mental illness. The Healing Our Nation's…

Max Baucus
Sen. Max BaucusD-MT · Jul 31, 2008

Mr. President, in 2006, America spent more than $2 trillion on health care. By any standard, $2 trillion is an enormous figure. Health care accounts for 16 percent of our Nation's economy. That means…

Ron Wyden
Sen. Ron WydenD-OR · Jul 31, 2008

Mr. President, over the past 7 years, hundreds of thousands of members of our armed forces have gone to war and returned home alive, but suffering. Advances in protective equipment and improvements…

Benjamin L. Cardin
Sen. Benjamin L. CardinD-MD · Jul 31, 2008

Mr. President, today I am proud to introduce The Harriet Tubman National Historical Park and The Harriet Tubman Underground Railroad National Historical Park Act. I am joined by Mrs. Clinton, Ms.…

Olympia J. Snowe
Sen. Olympia J. SnoweR-ME · Jul 31, 2008

Mr. President, today I rise to introduce legislation to offer a drastically simplified alternative for home-based businesses to benefit from the home office tax deduction. The U.S. Small Business…

Russell D. Feingold
Sen. Russell D. FeingoldD-WI · Jul 31, 2008

Mr. President, today, the junior Senator from Rhode Island, Senator Whitehouse, and I will introduce the Executive Order Integrity Act of 2008. The bill prevents secret changes to published Executive…

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Chuck Grassley
Sen. Chuck GrassleyR-IA · Jul 31, 2008

Mr. President, as Ranking Member of the Senate Finance Committee, I view my role as working to ensure the safety and well- being of the more than 80 million Americans who are beneficiaries of the…

Daniel K. Akaka
Sen. Daniel K. AkakaD-HI · Jul 31, 2008

President, as a member of the Banking Committee, I have worked to improve the financial literacy of our country. My interest in financial literacy dates back to when my fourth grade teacher required…

Thomas R. Carper
Sen. Thomas R. CarperD-DE · Jul 31, 2008

Mr President, I rise today with my colleagues on the Homeland Security and Governmental Affairs Committee to introduce the Information Technology Oversight Enhancement and Waste Prevention Act of…

Dianne Feinstein
Sen. Dianne FeinsteinD-CA · Jul 31, 2008

Mr. President, today I am introducing a private relief bill on behalf of Guy Privat Tape and his wife Lou Nazie Raymonde Toto. Mr. Tape and Ms. Toto are citizens of the Ivory Coast, but have been…

Norm Coleman
Sen. Norm ColemanR-MN · Jul 31, 2008

Mr. President, Minnesota is the land of over 10,000 lakes and nearly as many fishing guides. We even have a Fishing Hall of Fame in Baxter where many of our legendary guides are enshrined--names like…

Jeff Bingaman
Sen. Jeff BingamanD-NM · Jul 31, 2008

Mr. President, today Senator Domenici and I are introducing a bill that I am pleased to say, will help end contentious disputes over water rights claims in two long-standing general stream…

Christopher J. Dodd
Sen. Christopher J. DoddD-CT · Jul 31, 2008

Mr. President, I rise today to join my colleague from Utah, Senator Orrin Hatch, in introducing the National Pain Care Policy Act of 2008. This important legislation would make significant strides in…

Herb Kohl
Sen. Herb KohlD-WI · Jul 31, 2008

Mr. President, I rise today to introduce the Independent Drug Education and Outreach Act. Over the past year, the Committee on Aging has been taking a close look at the relationship between the…

Patty Murray
Sen. Patty MurrayD-WA · Jul 31, 2008

Mr. President, I rise today to introduce the Northwest Straits Marine Conservation Initiative Act. This bill will reauthorize the Northwest Straits Marine Conservation Initiative, which promotes the…

Richard Burr
Sen. Richard BurrR-NC · Jul 31, 2008

Mr. President, in the years since the War on Terror began, we have seen the creation of new Wounded Warrior Battalions and Warrior Transition Battalions in the Marines and the Army. These units were…

Blanche L. Lincoln
Sen. Blanche L. LincolnD-AR · Jul 31, 2008

Mr. President, I am very pleased to rise today to introduce the Timber Revitalization and Economic Enhancement Act II of 2008 with my good friend, Senator Smith of Oregon. I also want to say a…

Bill Text

Latest available legislative text

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Introduced in SenateIssued July 31, 2008

II

110th CONGRESS

2d Session

S. 3399

IN THE SENATE OF THE UNITED STATES

July 31, 2008

Mrs. Lincoln (for herself, Mr. Smith, Ms. Cantwell, Mr. Cornyn, Mrs. Murray, Mrs. Dole, Ms. Landrieu, Mr. Chambliss, Mr. Wicker, and Mr. Vitter) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend the Internal Revenue Code of 1986 to make permanent the reduction in the rate of tax on qualified timber gain of corporations, and for other purposes.

1.

Short title

This Act may be cited as the Timber Revitalization and Economic Enhancement Act II of 2008.

2.

Permanent reduction in rate of tax on qualified timber gain of corporations

(a)

In general

Section 1201(b)(1) of the Internal Revenue Code of 1986 is amended by striking and beginning on or before the date which is 1 year after such date.

(b)

Conforming amendment

Paragraph (3) of section 1201(b) of the Internal Revenue Code of 1986 is amended to read as follows:

(3)

Computation for taxable years in which rate first applies

In the case of any taxable year which includes the date set forth in paragraph (1), the qualified timber gain for such year shall not exceed the qualified timber gain properly taken into account for the portion of the year after such date.

.

(c)

Effective date

The amendments made by this section shall take effect as if included in the amendment made by section 15311(a) of the Food, Conservation, and Energy Act of 2008.

3.

Permanent timber REIT modernization

(a)

In general

Section 856(c)(5)(H) of the Internal Revenue Code of 1986 is amended by striking clause (iii).

(b)

Conforming amendment

Section 856(c) of the Internal Revenue Code of 1986 is amended by striking paragraph (8).

(c)

Effective date

The amendments made by this section shall take effect as if included in the amendment made by section 15312 of the Food, Conservation, and Energy Act of 2008.

4.

Permanent qualification of mineral royalty income for timber REITs

(a)

In general

Section 856(c)(2)(I) of the Internal Revenue Code of 1986 is amended by striking the first taxable year beginning after the date of the enactment of this subparagraph and inserting any taxable year.

(b)

Effective date

The amendment made by this section shall take effect as if included in the amendment made by section 15313(a) of the Food, Conservation, and Energy Act of 2008.

5.

Permanent modifcation of prohibited transaction rules for timber property

(a)

In general

(1)

Section 857(b)(6)(D)(v) of the Internal Revenue Code of 1986 is amended by striking , in the case of a sale on or before the termination date,.

(2)

Section 857(b)(6)(H) of such Code is amended by striking In the case of a sale on or before the termination date, the sale and inserting The sale.

(3)

Section 857(b)(6) of such Code is amended by striking subparagraph (I).

(b)

Effective date

The amendments made by this section shall take effect as if included in the amendments made by section 15315 of the Food, Conservation, and Energy Act of 2008.