Bill > H3732

This bill establishes a new chapter in the General Laws regarding the classification and taxation of forest ecosystem land. The key provisions are: 1. It defines forest ecosystem land as land of at least 10 contiguous acres that has been retained in a natural or wild condition for at least 10 years and is under a plan to maximize ecosystem services like carbon storage and biodiversity. 2. It requires forest ecosystem land to be assessed based solely on its use, with a valuation not exceeding 10% of its fair cash value and the lowest possible tax rate. 3. It creates a process for landowners to apply for and renew the forest ecosystem classification every 10 years. 4. It imposes a conveyance tax of 5-10% if forest ecosystem land is sold for other uses within 10 years of classification, with some exceptions. 5. It imposes roll-back taxes if the land ceases to qualify as forest ecosystem land, with some exceptions. 6. It gives municipalities a right of first refusal to purchase classified land that the owner wishes to sell or convert to non-forest use. 7. It allows the Commissioner of Revenue to promulgate rules and regulations to implement the new chapter. Overall, the bill aims to provide tax incentives and protection for landowners to maintain their land in a natural, forested state and provide associated ecosystem services.

Budget and Finance

https://malegislature.gov/Bills/191/H3732