TIMBER TAX
By: Import User
Updated: January 7, 2009
Good news from Alabama Senator Jeff Sessions who announced yesterday, that Alabama timber owners will soon be eligible for lower capital gains tax rates. That`s because of a $136 billion dollar tax bill that has made it`s way through congress and is on it`s way to the White House for final approval.
The Senate approved the measure just one day after it passed the House and President Bush is expected to sign it into law.
The law not only provides for lower tax rates, but also includes the option of expensing the first ten thousand dollars of reforestation expenses and amortizing the remaining amount over seven years.
