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1 General Tax; Wood or Timber Used for Carbon Sequestration. Amend RSA 79:5 to read as follows:
79:5 General Tax; Credits in Certain Cases. Whenever it shall appear to the assessing officials that a town or city is unreasonably deprived of revenue because of the failure of an owner to cut standing wood or timber when it shall have arrived at the degree of maturity most suitable for its use, such standing wood or timber shall be taxed in the same manner as general property and be subject to the same rights of appeal, the intent being to prevent the holding of standing wood or timber indefinitely without the payment of any taxes. If such standing wood or timber is taxed under the provision of this section, such taxes shall be a credit against any yield tax later imposed.
2 Effective Date. This act shall take effect April 1, 2025.
Text to be added highlighted in green.
1 General Tax; Wood or Timber Used for Carbon Sequestration. Amend RSA 79:5 to read as follows:
79:5 General Tax; Credits in Certain Cases. Whenever it shall appear to the assessing officials that a town or city is unreasonably deprived of revenue because of the failure of an owner to cut standing wood or timber when it shall have arrived at the degree of maturity most suitable for its use, including wood or timber used for carbon sequestration on land enrolled in the carbon sequestration registry inRSA 227-G:4, XII, such standing wood or timber shall be taxed in the same manner as general property and be subject to the same rights of appeal, the intent being to prevent the holding of standing wood or timber indefinitely without the payment of any taxes. If such standing wood or timber is taxed under the provision of this section, such taxes shall be a credit against any yield tax later imposed.
2 Effective Date. This act shall take effect April 1, 2025.