Legislation that would extend the expiration date to report timber purchase data to the Department of Revenue was unanimously approved by the Senate last week.
Rep. Jim Walsh of Aberdeen sponsored the measure that extends the reporting date from July 1, 2018 to July 1, 2021.
“The history of the 19th District is intricately linked with timber,” said Walsh. “Encouraging private and public sector cooperation for this industry is crucial. We need to support timber. This program has been in place for years, and is typically extended in three year increments. I was glad to shepherd it through the legislature.”
Under the program, private forest landowners share the value of their land and assets with the Department of Revenue, while providing a way to use that information to ensure fair market valuations.
The three year extension is better than a permanent change is intended to help ensure stumpage tax rates are based on actual market value and not on other sources of information while protecting landowners from the risk of misreporting information.
House Bill 1148 now heads to the governor’s desk for signature.