A bill extending the expiration date to report data for timber purchases to the Department of Revenue was approved by the state House on March 8.
House Bill 1148, sponsored by 19th District Rep. Jim Walsh, would extend the reporting date for timber purchases from July 1, 2018 to July 1, 2021. The change helps account for potential changes in tax policy and market conditions.
“This bill brings private-sector timberland owners together with state agencies, and the private landowners share proprietary information about their land and assets,” Walsh said. “This helps ensure stumpage values are calculated and taxes gathered that reflect real market place conditions.”
The policy has been in place for years, and the Legislature typically extends it every three years.
“This is good policy and a good program,” Walsh said. “I’m glad to help usher this extension through the process.”
Changes often occur in tax policy and market conditions. Due to costs to landowners and the potential risk for misreporting information; as a result a three year extension helps ensure stumpage tax rates are based on actual market rates.
The bill was approved by a vote of 97-0 and now heads to the Senate for further consideration. The Legislature is scheduled to adjourn on April 23.