This bill aims to amend the Code of West Virginia by establishing a new classification for "managed timberland" that is leased for substantial income. It introduces definitions for "managed timberland" and "substantial income," clarifying that managed timberland must consist of at least ten contiguous acres primarily devoted to forest use and that it can include properties leased for significant income. The bill also outlines the criteria for landowners to qualify for this classification, which includes leasing the property under a formal contract for timber-related economic activities.

Additionally, the bill specifies that properties classified as managed timberland leased for substantial income will be taxed at the same rate as Category A managed timberland, regardless of the timber's quality or growth stage. The West Virginia Division of Forestry and the State Tax Division will oversee the classification and compliance of these properties. The bill also includes provisions for penalties if a landowner fails to implement a certified managed timberland plan within a specified timeframe, ensuring accountability and adherence to the new classification standards.

Statutes affected:
Introduced Version: 11-1C-2, 11-1C-11a