U.S. Congress - H.R.1937 Timber Revitalization and Economic Enhancement (TREE) Act of 2007
H.R.1937 - Timber Revitalization and Economic Enhancement (TREE) Act of 2007
To amend the Internal Revenue Code of 1986 to allow a deduction for qualified timber gains and to modernize certain provisions applicable to timber real estate investment trusts. view all titles (2)
All Bill Titles
- Official: To amend the Internal Revenue Code of 1986 to allow a deduction for qualified timber gains and to modernize certain provisions applicable to timber real estate investment trusts. as introduced.
- Short: Timber Revitalization and Economic Enhancement (TREE) Act of 2007 as introduced.
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Official Summary
4/19/2007--Introduced.Timber Revitalization and Economic Enhancement (TREE) Act of 2007 - Amends the Internal Revenue Code to: (1) allow a tax deduction for 60% of qualified timber gains; (2) exempt deductible timber gains from the excise tax on the undistributed income of real estate inveOfficial Summary
4/19/2007--Introduced.Timber Revitalization and Economic Enhancement (TREE) Act of 2007 - Amends the Internal Revenue Code to:
(1) allow a tax deduction for 60% of qualified timber gains;
(2) exempt deductible timber gains from the excise tax on the undistributed income of real estate investment trusts (REITs);
(3) provide for the treatment of timber gains as qualifying REIT income and for mineral royalty income as qualifying income for timber REITs; and
(4) provide special rules relating to income limitations and prohibited transactions for timber REITs.
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