2006 Regular Session
By: Senator(s) King, Chaney, Clarke, Lee (35th)
A CONCURRENT RESOLUTION URGING THE UNITED STATES CONGRESS TO ENACT FEDERAL INCOME TAX RELIEF TO TREE FARMERS WHO HAVE SUFFERED LOSS AS A RESULT OF THE HURRICANE KATRINA DISASTER.
WHEREAS, after the catastrophe of Hurricane Katrina, Congress should consider granting tax relief to tree farmers that equates tree farming to annual farming or manufacturing; and
WHEREAS, the timber industry is the second largest agricultural industry in Mississippi, creating more than 60,000 jobs and touching every small business owner in South Mississippi; and
WHEREAS, in six hours Hurricane Katrina took down over 30% of South Mississippi's largest trees, and most of Mississippi's large timber is in the hands of 150,000 individual owners. Many owners are older people who began managing their stands decades ago as an uninsured investment for their retirement years or their child's education; and
WHEREAS, cotton or soybean farmers' annual crop losses from Hurricane Katrina are based on a one-year investment; and
WHEREAS, tree farmers made an initial investment decades earlier, which is used as the base price, while other farmers are allowed to use base price cost of the annual investment; and
WHEREAS, the long-term nature of timber producing differs greatly from other agricultural industries, and thus would require special consideration and study to best help those who have suffered disastrous losses:
NOW, THEREFORE, BE IT RESOLVED BY THE SENATE OF THE STATE OF MISSISSIPPI, THE HOUSE OF REPRESENTATIVES CONCURRING THEREIN, That we do hereby urge the United States Congress to enact one-time federal Income Tax relief to Mississippi tree farmers who have suffered loss as a direct result of the Hurricane Katrina disaster by authorizing a generous casualty write-off.
BE IT FURTHER RESOLVED, That this resolution be forwarded to the President of the United States, the Commissioner of the Internal Revenue Service and members of Mississippi's Congressional delegation, and be made available to the Capitol Press Corps.