SB 299
Tax Department rule relating to valuation of timberland and managed timberland
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill authorizes the West Virginia Tax Department to create a detailed rule outlining how timberland and managed timberland are valued for tax purposes. The rule, currently outlined in 110 CSR 01H, will provide specific guidelines for assessing the value of these properties. This aims to standardize the valuation process and ensure consistency in tax administration related to timberlands.
Key provisions
- Authorizes the Tax Department to develop a legislative rule.
- The rule will address the valuation of timberland.
- The rule will specifically cover managed timberland.
- The rule is based on existing authority under §11-1C-11b of the Code of West Virginia.
Who is affected
- Timberland owners
- Managed timberland owners
- West Virginia Tax Department
- Taxpayers
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yours