Timber Revitalization and Economic Enhancement Act of 2014

Timber Revitalization and Economic Enhancement Act of 2014 - Amends the Internal Revenue Code, with respect to the reduced tax rate on the net timber gains of corporations, to: (1) adjust the formula for calculating such rate, and (2) make such reduced rate permanent.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4657 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 4657

 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.


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                    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

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                                 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Timber Revitalization and Economic 
Enhancement Act of 2014''.

SEC. 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.
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