Abstract Financial effects of the Tax Cuts and Jobs Act of 2017 (TCJA) on private noncorporate timber growers vary due to the difference in timber holdings, level of non-timber income, and intensity of forest management. This commentary reports on a financial analysis, which suggests that landowners holding timber as investments as a group are moderately worse off due to the changes in itemized deductions brought by the TCJA. The distinction in the net benefits of timber holdings becomes more significant between forest investors (as a group) and material participants. This may become an incentive for some investors to consider converting to a business and intensifying their forest management to meet the material participation requirement. Some investors, on the other hand, may reduce forest management costs or divest their timberland due to deterioration in profitability. It also suggests that owning and managing timber becomes less beneficial in terms of tax savings for forest landowners with moderate and high non-timber income (except for high income, large holding scenario) under the new law than under the prior law.

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2017 年减税和就业法案对美国南部私人非公司林地所有者木材收入的估计影响

摘要 2017 年减税和就业法案 (TCJA) 对私营非公司木材种植者的财务影响因木材持有量、非木材收入水平和森林管理强度的差异而异。该评论报告了一项财务分析，该分析表明，由于 TCJA 带来的逐项扣除额的变化，持有木材作为一个整体的投资的土地所有者的情况有所恶化。在森林投资者（作为一个群体）和物质参与者之间，木材持有的净收益的区别变得更加显着。这可能会促使一些投资者考虑转为企业并加强其森林管理以满足物质参与要求。另一方面，一些投资者 由于盈利能力下降，可能会降低森林管理成本或剥离林地。它还表明，与旧法相比，新法下拥有和管理木材对于中高非木材收入（高收入、大持有情况除外）的林地所有者而言，在节税方面的好处更少。