FEDERAL DISASTER AID PACKAGE PASSES
On Monday, June 3, the U.S. House of Representatives passed the long-delayed disaster recovery package that will send $19.1 billion to states and territories hit by flooding, wildfires, tornadoes, hurricanes and other natural disasters in recent months.
A highlight of the package for the forest industry is $480 million through the Emergency Forest Restoration Program to private landowners for debris removal and replanting. The USDA has also been given $3 billion in block grants to cover producers' net exposure to losses. The distribution of these funds to impacted areas across the nation has not yet been decided.
The disaster aid package now goes to President Donald Trump, who has previously indicated his support.
Many thanks to Florida's congressional delegation and to Commissioner Nikki Fried for their leadership on this vital issue.
FOREST RECOVERY ACT BILL INTRODUCED IN U.S. SENATE
The Forest Recovery Act legislation which would allow any individual or business growing trees with the intent of selling them to deduct up to the fair market value lost as a result of a catastrophic event, such as a hurricane or fire, was introduced in the U.S. Senate last week
The House version of the bill
was introduced earlier this year.
Many thanks to Representatives Neal Dunn, John Rutherford and Ted Yoho and Senator Marco Rubio for cosponsoring this important legislation!