U.S. Congress - H.R.3456 Community Forestry Conservation Act of 2007
H.R.3456 - Community Forestry Conservation Act of 2007
To provide a Federal tax exemption for forest conservation bonds, and for other purposes. view all titles (2)
All Bill Titles
- Short: Community Forestry Conservation Act of 2007 as introduced.
- Official: To provide a Federal tax exemption for forest conservation bonds, and for other purposes. as introduced.
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Official Summary
8/4/2007--Introduced.Community Forestry Conservation Act of 2007 - Provides for the treatment of qualified forest conservation bonds as tax-exempt facility bonds under the Internal Revenue Code. Defines "qualified forest conservation bonds" as bonds issued for certain forestry orOfficial Summary
8/4/2007--Introduced.Community Forestry Conservation Act of 2007 - Provides for the treatment of qualified forest conservation bonds as tax-exempt facility bonds under the Internal Revenue Code. Defines "qualified forest conservation bonds" as bonds issued for certain forestry organizations within 36 months after the enactment of this Act. Requires 95% or more of the net proceeds of such bonds to be used for specified forestry project costs, including the acquisition of forest lands subject to a conservation restriction. Exempts from income tax income, gains, and other tax incidents generated by certain harvesting activity on forest lands purchased with qualified forest conservation bonds.
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