2005 House Bill 5454 ↩

Senate Roll Call 389: Passed

To increase the specific tax rate on commercial forestland from $1.10 per acre to $1.20 per acre in 2007, to $1.25 in 2012, and by an additional 5-cents every five years thereafter. Also, to increase the State's payment in lieu of taxes on commercial forestland (currently $1.20 per acre) by five cents in 2012, and by an additional 5-cents every five years thereafter. The bill also to revise the tax break repayment provisions on forestland removed from the commercial forest act program, which authorizes lower property taxes of $1.10 per acre on commercial forestland on which the owner gives the public access for recreation. The bill would replace a more complex tax repayment formula for withdrawn property with a simple requirement to repay the tax savings from the past seven years.