Disaster Reforestation Act

This bill allows timber landowners to claim a tax deduction for losses of uncut timber caused by disasters like fire, storms, insects, or drought. It sets a minimum deduction based on the pre-loss appraised value minus salvage value, requiring certified appraisals within one year (with an option to estimate initially). Crucially, landowners must reforest the affected area with hardwoods or softwoods within five years to maintain the deduction, or face recapture of the tax benefit. The provision applies only to timber held for business sale, not passive investments.