A bill to amend the Internal Revenue Code of 1986 to allow a deduction for qualified timber gains.
Timber Tax Act of 2007 - 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.
Referred to the House Committee on Ways and Means.
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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