SB 693
Classifying forestry equipment for levy purposes
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill changes how West Virginia classifies forestry equipment for tax purposes. It reclassifies forestry machinery, such as skidders and loaders, as ‘Class I’ property, similar to agricultural equipment. The bill also exempts the sale of this equipment from the state’s consumer sales and service tax, recognizing forestry as a vital component of the state’s agricultural economy.
Key provisions
- Forestry equipment (including skidders, feller-bunchers, etc.) will be classified as Class I property.
- Forestry is explicitly defined as part of the broader definition of ‘agriculture’ for tax purposes.
- The sale of forestry equipment is exempt from the consumer sales and service tax.
Who is affected
- Forestry businesses
- Taxpayers in West Virginia
- The forestry industry
Notable changes
- Expands the definition of ‘agriculture’ to include forestry.
- Provides a tax exemption for the sale of forestry equipment.
Fiscal impact
This bill is expected to provide tax benefits to forestry businesses by exempting the sale of forestry equipment from the consumer sales and service tax.
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