Bill > HB3402

This bill establishes a new classification for managed timberland that is leased for substantial income, expanding existing tax provisions for timberland. The bill defines "substantial income" as a percentage of the land's assessed value or a minimum dollar threshold, and creates a specific category for landowners who lease their timberland for primarily timber-related economic activities. To qualify for this new classification, landowners must have a formal lease contract and the lessee must use the land primarily for timber-related economic activities. The new classification will be overseen by the West Virginia Division of Forestry and the State Tax Division, and properties within this category will be taxed at the same rate as Category A managed timberland, regardless of the timber's quality or growth stage. The bill aims to encourage sustainable timberland leasing and management while providing tax consistency for landowners and lessees. The legislation also maintains existing penalties for landowners who fail to implement a certified managed timberland plan, including potential fines equal to the property taxes saved plus interest.

Budget and Finance

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=3402&year=2025&sessiontype=RS&btype=bill