To amend the Internal Revenue Code of 1986 to deny any deduction for expenses in connection with the cutting of old-growth redwood timber which is a nonrenewable resource and to impose an excise tax on the cutting of such timber.

Amends the Internal Revenue Code to deny an income tax deduction for expenses in connection with: (1) the cutting of old-growth redwood timber; or (2) the transportation of such timber in its unprocessed state.

Imposes an excise tax on the cutting of any old-growth redwood timber, to be paid by the holder of the economic interest in the timber.