HB 123 - AS AMENDED BY THE HOUSE
13Mar2025... 0654h
2025 SESSION
25-0100
08/02
HOUSE BILL 123
SPONSORS: Rep. A. Davis, Coos 2; Rep. Cole, Hills. 26; Rep. Ouellet, Coos 3; Rep. Tierney, Coos 1; Rep. Michael. Murphy, Coos 6; Rep. Durkin, Coos 1; Sen. Pearl, Dist 17
COMMITTEE: Municipal and County Government
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AMENDED ANALYSIS
This bill extends yield taxes to property enrolled in or registered for the purpose of generating carbon offset credits.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
13Mar2025... 0654h 25-0100
08/02
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty Five
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Paragraphs; Definitions; Carbon Credits. Amend RSA 79:1 by inserting after paragraph VIII the following new paragraph:
IX. "Carbon credit" or "carbon offset credit" means 1 metric ton of carbon dioxide equivalent.
X. "Entity and crediting entity" means the carbon registry that the landowner and their carbon developer are using to list for sale the carbon offset credits generated on the landowner's forested property.
XI. "Carbon developer" means the organization that the landowner works with to meet the protocol rules set by the carbon registry in order to list carbon credits for sale.
XII. "Tonnage" means the amount of carbon in metric tons of carbon dioxide equivalent.
2 Yield Tax; Carbon Sequestration. Amend RSA 79:3 to read as follows:
79:3 Normal Yield Tax; Carbon Sequestration.
I. A normal yield tax at the rate of 10 percent on the stumpage value at the time of cutting shall be assessed by the assessing officials within 30 days after receipt of a report of wood or timber cut is filed with said officials in the town in which said operation took place. Interest as provided in RSA 79:4-a shall be charged 30 days after the bills are mailed by the tax collector, on any tax which is due and payable and which remains unpaid.
II. The owner of a property that has been enrolled or registered for the purpose of sequestering carbon dioxide and/or generating carbon offset credits shall annually pay a yield tax of 10 percent of the estimated net value of the carbon offset credits issued and sold in the previous calendar year.
III. The total tonnage of carbon offset credits issued in the previous year shall be the amount as issued by the carbon registry equal to the total tonnage of eligible annually sequestered carbon the property owner reports.
IV. The net value of the carbon offset credits issued in the previous year shall be calculated by multiplying the amount of eligible annually credited carbon the property owner reports to the entity in which the property is registered or enrolled by the average price-per-metric ton paid by the entity in which the property is registered or enrolled in the previous year less the costs incurred by carbon developer and landowner.
V. Whenever a property owner enrolls or registers a property for the purpose of sequestering carbon dioxide and/or generating carbon offset credits, the property owner or their agent, shall file an intent to sequester carbon form at the time the project is registered into the carbon registry established in RSA 227-G:4, XII.
VI. If a property is enrolled or registered for the purpose of sequestering carbon dioxide and/or generating carbon offset credits prior to enactment of this provision, the property owner or their agent shall file an intent to sequester carbon form into the carbon registry established in RSA 227-G:4, XII within 30 days of the effective date of this section.
VII. The property owner or their agent shall submit to the carbon registry established in RSA 227-G:4, XII the total tonnage of carbon offset credits generated in the previous year within 10 days of reporting this information to the entity in which the property is registered or enrolled.
VIII. A tax of 10 percent of the monetary value of the net value of the carbon offset credits issued on the property in the previous year shall be assessed by the assessing officials in the town in which the property is located within 30 days after the property owner's submission to the carbon registry established in RSA 227-G:4, XII of the amount of carbon offset credits sold on the property in the previous year. Interest as provided in RSA 79:4-a shall be charged 30 days after the bills are mailed by the tax collector on any tax which is due and payable and which remains unpaid.
IX. All other provisions of RSA 79 shall be applicable to the owner of a property that has been enrolled or registered for the purpose of sequestering carbon dioxide and/or generating carbon offset credits, and shall be enforced by the host municipality or county commissioners if the subject property is located in an unincorporated area.
| Date | Amendment |
|---|---|
| Feb. 12, 2025 | 2025-0153h |
| March 5, 2025 | 2025-0654h |
| March 11, 2025 | 2025-0880h |
| March 12, 2025 | 2025-0959h |
| Date | Body | Type |
|---|---|---|
| Feb. 10, 2025 | House | Hearing |
| Feb. 18, 2025 | House | Hearing |
| March 3, 2025 | House | Exec Session |
| March 3, 2025 | House | Floor Vote |
March 24, 2025: Introduced 03/20/2025 and Referred to Energy and Natural Resources; SJ 9
March 20, 2025: Referral Waived by Committee Chair per House Rule 47(f) 03/13/2025 HJ 8
March 17, 2025: Referral Waived by Committee Chair per House Rule 47(f) 03/13/2025 HJ 8
March 13, 2025: Referred to Ways and Means 03/13/2025 HJ 8
March 13, 2025: Ought to Pass with Amendment 2025-0654h: MA RC 197-158 03/13/2025 HJ 8
March 13, 2025: Amendment # 2025-0654h (NT): AA VV 03/13/2025 HJ 8
March 13, 2025: Lay HB123 on Table (Rep. Osborne): MF DV 171-185 03/13/2025
March 11, 2025: Removed from Consent (Reps. Kuttab, Popovici-Muller, Boehm, Turcotte, Scully, Perez, D. Kelley, Tom Mannion, Seaworth, Granger) 03/06/2025 HJ 8 P. 2
March 5, 2025: Committee Report: Ought to Pass with Amendment # 2025-0654h (NT) 03/03/2025 (Vote 18-0; CC)
Feb. 27, 2025: Executive Session: 03/03/2025 01:00 pm LOB 301-303
Feb. 12, 2025: Public Hearing on non-germane Amendment # 2025-0153h: 02/18/2025 09:50 am LOB 201
Feb. 5, 2025: Public Hearing: 02/10/2025 01:00 pm LOB 301-303
Jan. 6, 2025: Introduced 01/08/2025 and referred to Municipal and County Government HJ 2 P. 6