Congressman Steven Palazzo (MS-4) joined a bipartisan, bicameral letter to House and Senate leadership requesting the inclusion of the Forest Recovery Act (FRA), H.R. 1444/S. 1687, in future COVID-19 response legislation to provide economic relief and stimulate recovery. In Mississippi’s Fourth Congressional District, the timber industry supports over 8,560 jobs, totaling $325.7 million in payroll and $1.54 billion in sales and manufacturing.
The FRA amends the tax code to allow for, in the case of a natural disaster, the loss of uncut timber to be valued at fair market value as opposed to the current law that uses the adjusted cost basis of the timber.
“Forest landowners provide vital economic benefits to rural communities. Nationally, the ripple effect of timber generates 2.5 million jobs, $109 billion in payroll, and $288 billion in sales and manufacturing. The inclusion of the FRA in our response would allow forest landowners to continue meeting growing demand, encourage reforestation, and help rural communities maintain their economic base during these uncertain times,” the members wrote.
Full text of the letter can be found below or downloaded here.