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Landmark forestry legislation signed into law in October. 1980 by President Carter has been hailed by Virginia State Forester Wallace F. Custard as “one of the best things that has happened for forestry in many years."
Custard said the legislation, passed through Congress as part of H. R. 4310, is now known as Public Law 96-451 (PL 451). The important feature is that it provides tax incentives for reforestation of privately owned timberland.
“The law is a real bonanza for tree growers, and it's going to provide a tremendous boost to the forest economy of this state in years to come if landowners will just take ad* vantage of it.” said Custard.
He said the law provides landowners a flat ten percent tax credit for an annual expenditure of up to $10,000 for tree planting and related forestry work. In addition it allows the tree growv - to take a tax deduction on his gross income for reforestation costs (up to the annual $10,000 limit) in equal amounts over a seven year period.
"We’ve got nearly two million acres of privately owned timberland in Virginia needing some degree of reforestation and related improvement work to make it ideally productive,” said Custard. "The owners of this land are now in a position to recover a good portion of
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