Washington Turns Attention To Major Tax Overhaul

As the new Trump administration settles in, work has begun in earnest on the domestic policy agenda, with tax reform, forest biomass, Waters of the U.S., the federal budget, and softwood lumber imports just a few of the items on the table that will impact the forestry sector.

One of the most significant issues for forestry will be the proposed overhaul of the federal tax code. Any major tax reform initiative will likely impact existing provisions that apply to timber sales, forest management expenses, reforestation costs, and related expenses involved in the business of growing trees commercially.

President Trump and the Congressional GOP leaders have been working together for months to develop a unified tax reform plan, which they hope to roll out later this summer.

While there is no specific information concerning what will be included in the unified tax reform plan, President Trump and GOP leaders are all in agreement on the elimination of the estate tax, also known as the death tax.

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