A bill to amend the Internal Revenue Code of 1986 to allow a deduction for qualified timber gains.
Timber Tax Act of 2005 - Amends the Internal Revenue Code to allow a tax deduction (available to taxpayers whether or not they itemize deductions) for up to 60% of gains from certain sales or exchanges of timber.
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 496.
Motion by Senator Frist to reconsider the vote by which the motion to invoke cloture on the motion to proceed to H.R. 5970 was not agreed to (Roll Call No. 229) entered in Senate.
Referred to the House Committee on Ways and Means.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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