This bill mandates two primary actions related to forest carbon credit programs in New Hampshire. Firstly, it requires the Department of Revenue Administration to conduct a study on the impact of forest lands enrolled in carbon credit offset programs on timber tax revenue. The department is tasked with providing a preliminary report with findings and recommendations for legislation by November 1, 2024, and a final report by November 1, 2025. Secondly, the bill instructs the Division of Forestry to create and manage a public registry of all forest lands in the state that are part of carbon programs. This registry will include information such as the owner's legal name, tax map and lot number, program name, enrollment date, period of enrollment, and acreage of the land.

The fiscal note attached to the bill indicates that there is no direct fiscal impact on state, county, or local revenues or expenditures. However, the Division of Forestry estimates that maintaining the carbon registry would require approximately 25 to 30 hours of staff time annually, at an administrative rate of $50/hour, totaling $1,250 to $1,500 per year. The Department of Revenue Administration notes that if the study's scope is beyond providing timber tax revenue statistics, they may need to hire an external consultant, which could result in an indeterminable additional cost that could not be absorbed within the department's operating budget. The bill is set to take effect upon its passage.

Statutes affected:
As Amended by the House: 227-G:4
As Amended by the Senate: 227-G:4
Version adopted by both bodies: 227-G:4