Forest Health Protection Cost Share Tax Update

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Presentation transcript:

Forest Health Protection Cost Share Tax Update Updated August 2009

National Forest Tax Specialist USDA Forest Service lwang@fs.fed.us Dr. Linda Wang National Forest Tax Specialist USDA Forest Service lwang@fs.fed.us

Forest Health Protection Cost Share Forest Health Protection program cost share provide treatment for: southern pine beetle western bark beetle forest diseases invasive plants or other major insect infestations 10 million cost share authorized annual program

Cost Share Tax Treatment Generally governmental cost share payment are taxable income However, qualified cost share payment may be excluded from a taxpayer’s income (Tax Code §126) 10 million cost share authorized annual program

Sec. 126 Income Exclusion An example Mr. Smith received $3,000 cost share payment (shown on Form 1099-G) from qualified forestry program to manage his timberland. He may elect to exclude all or part of the $3,000 from his income, using the IRS formula, under the tax regulation of §126

Sec. 126 Income Exclusion Examples of Qualified Programs Forest Land Enhancement Program cost share Environmental Quality Incentive Program cost share Various state forestry programs Forestry Development Program NC Reforestation of Timberlands Act Program VA Forest Improvement Program CA Forest Renewal Program SC Forestry Development Program IL

Filing for Sec. 126 Exclusion Forest Health Protection Cost Share First step The Secretary of Department of Agriculture has approved the Forest Health Protection cost share (Tax Code §126 (b)(1)(A)) (USDA Reg. 7 CFR part 14) The Secretary of Agriculture makes a determination whether cost-share payments made to participants are for the purpose of “conserving soil and water resources, protecting or restoring the environment, improving forests, or providing a habitat for wildlife” (26 U.S.C. 126 (b)(1)(A)). As per Department regulations (7 CFR 114 should be “7 CFR 14”, a typo), the Department considers the program authority, associated regulations, current program policies and procedures, descriptions of practices or measures for which payments are made, and any other pertinent program information, when making this determination.

Filing for Sec. 126 Exclusion Forest Health Protection Cost Share Second step The Forest Health Protection cost share program is approved by the IRS Revenue ruling 2009-23 was issued by the IRS (IRB 2009-32)

Forest Health Protection Cost Share Approved for Sec. 126 For more information, please go to www.timbertax.org front page