Judd Gregg: “I introduce the Family Forestland Preservation Tax Act of 1997 on behalf of myself, Mr. Leahy, Mr. Jeffords, Mr.…”

“I introduce the Family Forestland Preservation Tax Act of 1997 on behalf of myself, Mr. Leahy, Mr. Jeffords, Mr. D'Amato, Ms. Collins, Ms. Snowe, and Mr. Smith of New Hampshire. This bill amends several key tax provisions to help landowners keep their lands in long-term private forest ownership and management. Without these changes, many landowners will continue to be forced to sell or change the use of their land. This bill derives from four years of work by the Northern Forest Lands Council [NFLC]. The NFLC was created in 1990 to seek ways for Maine, New Hampshire, Vermont, and New York to maintain the traditional patterns of land ownership and use in the forest that covers this Nation's Northeast. The Northern Forest is a 26-million-acre stretch of land, home to 1 million residents and within a 2-hour drive of 70 million people. Nearly 85 percent of the forest is privately owned. Times have changed, however, and social and economic forces have begun to affect the traditional patterns of land use with more and more land being marketed for development. This bill will help maintain traditional patterns and, thus, preserve the forest by adjusting several estate tax provisions.”