H.R. 4657 — Introduced in House

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. 1. Short title This Act may be cited as the Timber Revitalization and Economic Enhancement Act of 2014. 2. Treatment of timber gains (a) 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. (b) Adjustment of special rate (1) In general Clause (i) of section 1201(b)(1)(B) of such Code is amended by striking 15 percent and inserting 20 percent. (2) Conforming amendment Section 55(b) of such Code is amended by striking paragraph (4). (c) Computation for taxable years in which rate first applies Paragraph (3) of section 1201(b) of such Code 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 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. . (d) Effective date The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.