HB 4252
Relating to authorizing the Tax Department to promulgate a legislative rule relating to the valuation of timberland and managed timberland.
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill authorizes the West Virginia Tax Department to create a specific rule outlining how timberland and managed timberland are valued for tax purposes. Currently, the department is permitted to do so under existing state law. The rule, detailed in 110 CSR 01H, will provide guidance on the valuation process. This aims to standardize and clarify how timberland is assessed for tax obligations.
Key provisions
- Authorizes the Tax Department to develop a legislative rule.
- The rule will address the valuation of timberland and managed timberland.
- The rule is based on existing authority under §11-1C-11b of the Code of West Virginia.
- The rule is detailed in 110 CSR 01H.
Who is affected
- West Virginia Timberland Owners
- West Virginia Tax Department
- Taxpayers owning timberland
Sponsors
Official sponsors from legislative records.
Primary sponsor
D. Smith
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