S. 316Senate111th Congress (2009-2011)In Committee

Timber Revitalization and Economic Enhancement Act II of 2009

Introduced January 26, 2009

Legislative Activity

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SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance.

January 26, 2009

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SenateIntro Referral

Introduced in Senate

January 26, 2009

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S834)

January 26, 2009

SenateIntro Referral

Read twice and referred to the Committee on Finance.

January 26, 2009

Floor Debate

8 members

What members said about S. 316 on the floor

4 Republicans4 Democrats
Russell D. Feingold
Sen. Russell D. FeingoldD-WI · Jan 26, 2009

Mr. President, Senator Sanders and I are introducing the Veterans Outreach Improvement Act which will help to ensure that all of our veterans know about Federal benefits to which they may be entitled…

Chuck Grassley
Sen. Chuck GrassleyR-IA · Jan 26, 2009

Mr. President, I am pleased to introduce the Medicare Rural Health Access Improvement Act of 2009. The purpose of this legislation is to continue ongoing efforts to ensure that Americans in rural…

Jeff Bingaman
Sen. Jeff BingamanD-NM · Jan 26, 2009

Mr. President, the legislation I am introducing today, entitled the Community Health Workers Act of 2009, will help improve access to health education and outreach services to women and children in…

Jon Kyl
Sen. Jon KylR-AZ · Jan 26, 2009

Mr. President, today I am pleased to introduce the White Mountain Apache Tribe Water Rights Quantification Act of 2009. The legislation would authorize and confirm the tribe's water settlement and…

Patrick J. Leahy
Sen. Patrick J. LeahyD-VT · Jan 26, 2009

Mr. President, I am pleased to introduce the Improving Assistance to Domestic and Sexual Violence Victims Act of 2009 to make urgently needed improvements to the Violence Against Women Act, VAWA. The…

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George V. Voinovich
Sen. George V. VoinovichR-OH · Jan 26, 2009

Mr. President, I rise today with Senators Tester and Klobuchar to introduce the Passport Card Travel Enhancement Act of 2009 in order to allow United States citizens to use passport cards for air…

Blanche L. Lincoln
Sen. Blanche L. LincolnD-AR · Jan 26, 2009

Mr. President, I am very pleased to rise today to introduce the Timber Revitalization and Economic Enhancement Act II of 2009 with my good friend, Senator Crapo of Idaho. I also want to say a special…

Blanche L. Lincoln
Sen. Blanche L. LincolnD-AR · Jan 26, 2009

Mr. President, I am very pleased to rise today to introduce the Timber Revitalization and Economic Enhancement Act II of 2009 with my good friend, Senator Crapo of Idaho. I also want to say a special…

Mitch McConnell
Sen. Mitch McConnellR-KY · Jan 26, 2009

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Bill Text

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Introduced in SenateIssued January 26, 2009

II

111th CONGRESS

1st Session

S. 316

IN THE SENATE OF THE UNITED STATES

January 26, 2009

Mrs. Lincoln (for herself, Mr. Crapo, Mr. Alexander, Mr. Pryor, Mr. Cornyn, Ms. Cantwell, Ms. Landrieu, Mrs. Murray, 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 2009.

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)(G) 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 (H).

(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.