Changes in tax codes applicable to timberland investments can affect tax treatment of timber revenues and expenses. The 2017 Tax Cuts and Jobs Act (TCJA) is regarded as the most expansive overhaul of tax codes in the United States since 1986; however, our understanding of its effects on timberland investments for family forest owners has yet to be explored. Using the discounted cash-flow method, we estimated and compared effects of TCJA on land expectation value (LEV) and net tax from managing timberland for two classifications of median-income family forest owners in 10 southern states. Results showed a decrease in LEV and net tax for both material participants and investors, with a greater effect on landowners managing timberland as investments. Thus, owning timberland can become less beneficial under the current law for median-income family forest landowners.

中文翻译：

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2017年《减税和就业法案》对非工业私有林地主的财务影响：美国10个南部州的比较研究

适用于林地投资的税法变更会影响对木材收入和支出的税收处理。2017年《减税与就业法案》（TCJA）被认为是自1986年以来美国最广泛的税法改革; 但是，我们对它对家庭林所有者的林地投资影响的理解尚待探索。使用现金流量折现法，我们估算并比较了TCJA对南部10个州的两种中等收入家庭林所有者的土地期望值（LEV）和经营林地的净税的影响。结果表明，主要参与者和投资者的LEV和净税均减少，这对以林地作为投资进行管理的土地所有者影响更大。从而，