Bill > HB1983

This bill amends the definition of "timberland" for the purpose of calculating the real estate excise tax, which is a tax on the sale of real property. Previously, timberland was defined as land classified under specific state laws (chapters 84.34 RCW and 84.33 RCW). The bill expands this definition to include land that is transferred or sold to a governmental entity, provided that the governmental entity manages the land in the same way as designated forestland or timberland under those same state laws, and complies with certain requirements outlined in those chapters. This change aims to clarify how timberland is taxed when it is acquired by government entities.