A Bill to amend the Internal Revenue Code of 1954 to provide for a deduction for expenses incurred for reforestation, and for other purposes.

Amends the Internal Revenue Code to allow individual and corporate taxpayers to elect to treat certain reforestation expenditures as not chargeable to capital account in order to qualify them as an income tax deduction, limited to $10,000 annually. Denies such deduction for any amount reimbursed under specified Federal reforestation and timber stand improvement cost sharing programs.

Establishes in the United States Treasury a Reforestation Trust Fund, whose moneys shall be paid to the Secretary of Agriculture in order to meet obligations incurred in eliminating and preventing a backlog in the reforestation of the National Forest System, but only to the extent such obligations exceed amounts appropriated under any other provision of law. Authorizes the annual appropriation of not to exceed $30,000,000 for such Fund.