,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #afhg  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,may #bc 7legislative  
day1 ,may #bb71 #bjai,mrs4 ,hyde-,smi?  
7= h]self1 ,mr4 ,wick]1 ,mr4 ,rubio1 &  
,mr4 ,cotton7 introduc$ ! foll[+ bill2  
:i* 0 read twice & ref]r$ to !          
,committee on ,f9ance  ,a ,,bill  ,to   
am5d ! ,int]nal ,rev5ue ,code ( #aihf to
 provide a special rule = c]ta9 casualty
 losses ( uncut timb]4  #a4 ,%ort title 
,?is ,act may be cit$ z ! ,=e/ ,recov]y 
,act4  #b4 ,casualty losses ( uncut     
timb]  7a7 ,9 g5]al ,section #afe7;b7 ( 
! ,int]nal ,rev5ue ,code ( #aihf is     
am5d$-- 7#a7 by /rik+ ,= purposes (     
subsection 7a7 & ins]t+ ! foll[+3  7#a7 
,9 g5]al ,= purposes ( subsection 7a7  2
 &  7#b7 by add+ at ! end ! foll[+ new  
p>agraph3  7#b7 ,special rule = casualty
 loss ( uncut timb]  7,a7 ,9 g5]al ,9 ! 
case ( ! loss ( any uncut timb] f fire1 
/orm1 or o!r casualty1 or f !ft1 ! basis
 = det]m9+ ! am\nt ( ! d$uction = su*   
loss 7z o!rwise det]m9$ "u p>agraph     

7#a77 %all n be less ?an ! excess (--   
7i7 ! fair m>ket value ( su* uncut timb]
 det]m9$ imm$iately be=e su* loss 0     
su/a9$1 ov]  7ii7 ! salvage value ( su* 
timb]4  7,b7 ,exclusion ( timb] n held =
 sale ,subp>agraph 7,a7 %all n apply to 
any timb] unless su* timb] is held = !  
purpose ( be+ cut & sold4  7,c7         
,inclusion ( pre-m]*antable timb] ,=    
purposes ( ?is p>agraph1 ! t]m uncut    
timb] %all n fail to include            
pre-m]*antable timb]4  7,d7 ,re=e/ation 
requirem5t ,subp>agraph 7,a7 %all n     
apply unless ! uncut timb] subject to ! 
loss is re=e/$ 7) h>dwoods1 s(twoods1 or
 any comb9ation !re(7 by plant+1 se$+1  
or appropriate site prep>ation1 n lat]  
?an ! close ( ! #e-ye> p]iod beg9n+ on !
 date ( su* loss4  4  7b7 ,exception ,to
 repeal ( p]sonal casualty losses       
,section #afe7;h77#e77;,a7 is am5d$ by  
ins]t+ or a loss ( uncut timb] 7)9 !    
mean+ ( subsection 7b77#b77 to :i*      
subsection 7b77#b77;,a7 applies aft]    
,f$]ally decl>$ disa/] 7z def9$ 9       

subsection 7i77#e774  7c7 ,effective    
date ,! am5dm5ts made by ?is section    
%all apply to taxable ye>s beg9n+ aft] !
 date ( ! enactm5t ( ?is ,act4