I
113th CONGRESS
2d Session
H. R. 4657
IN THE HOUSE OF REPRESENTATIVES
May 13, 2014
Mr. Griffin of Arkansas (for himself, Mr. Cotton, Mr. Crawford, and Mr. Womack) introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to make permanent certain provisions of the Heartland, Habitat, Harvest, and Horticulture Act of 2008 relating to timber, and for other purposes.
Short title
This Act may be cited as the Timber Revitalization and Economic Enhancement Act of 2014
.
Treatment of timber gains
Special rate made permanent
Paragraph (1) of section 1201(b) of the Internal Revenue Code of 1986 is amended by striking ending after the date
and all that follows through after such date
and inserting beginning after the date of the enactment of the Timber Revitalization and Economic Enhancement Act of 2014
.
Adjustment of special rate
In general
Clause (i) of section 1201(b)(1)(B) of such Code is amended by striking 15 percent
and inserting 20 percent
.
Conforming amendment
Section 55(b) of such Code is amended by striking paragraph (4).
Computation for taxable years in which rate first applies
Paragraph (3) of section 1201(b) of such Code is amended to read as follows:
Computation for taxable years in which rate first applies
In the case of any taxable year which includes the date of the enactment of the Timber Revitalization and Economic Enhancement Act of 2014, 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.
.
Effective date
The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.