S. 316 would amend the Internal Revenue Code of 1986 to make permanent the reduction in the rate of tax on qualified timber gain of corporations.
Detailed Summary
Timber Revitalization and Economic Enhancement Act II of 2009 - Amends the Internal Revenue Code to make permanent: (1) the reduction in the rate of tax on the net timber gain of corporations; and (2) rules for the treatment of timber real estate investment trust (REIT) gains, mineral royalty income, and prohibited transactions.
Status of the Legislation
Latest Major Action: 1/26/2009: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.
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Points Against
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