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Legislative Update: Tax Policy Gaining Interest
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Advocating for You: FLA President Scott Rowland during the association’s Hill Day in February.

President Trump indicated that the process to reform America’s tax code will kick into high gear this week, with an expected annulment of the Administrations tax reform plan on Wednesday.

There are three legs to the tax reform stool: the House, the Senate, and the White House. Little is known about what will be the priorities of the Senate and White House so we will be watching closely to see how their positions evolve this week. Knowing that tax reform is a high priority of the White House and Congress,  FLA is on the Hill weekly talking to members of Congress about key provisions so that lawmakers know the importance of maintaining capital gains status and preserving the deduction for forest management interest expensing, as well as repealing the death tax.

House Republicans, who have a plan of their own, have been eagerly awaiting details on Trump’s proposal. The House plan, known as the Better Way Plan, contains provisions which if implemented, would impact forest landowners. First, the plan proposes to reclassify capital gains as ordinary income with a 50 percent exclusion of capital gains. Depending on the income bracket, this could mean that a landowner pays more or less in taxes. Second, the House plan also calls for the elimination of interest expensing.

The House plan does include one important provision that FLA supports: the permanent repeal of the death tax. FLA is working with a coalition of like-minded stakeholders to ensure that this becomes part of the final tax reform package.

 

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