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2000 SESSION
HB 1306 Income tax credits; forested buffers for waterways.
Introduced by: Robert S. Bloxom | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Income tax credits; forested buffers for waterways. Provides a nonrefundable income tax credit to an individual or corporation who owns land abutting a waterway on which timber is harvested, and who forbears harvesting timber on certain portions of the land near the waterway for 15 years. The amount of the credit is equal to 25 percent of the value of the timber in the forest retained as a buffer, up to $17,500. The State Forester is directed to develop guidelines and to certify individual plans of qualifying taxpayers. There is a recapture provision if the timber is harvested before the end of the 15 year period.
SUMMARY AS PASSED HOUSE:
Income tax credits; forested buffers for waterways. Provides a nonrefundable income tax credit to an individual or corporation who owns land abutting a waterway on which timber is harvested, and who forbears harvesting timber on certain portions of the land near the waterway for fifteen years. The amount of the credit is equal to 25 percent of the value of the timber in the forest retained as a buffer, up to $17,500. The State Forester is directed to develop guidelines and to certify individual plans to qualifying taxpayers. There is a recapture provision if the timber is harvested before the end of the fifteen year period.
SUMMARY AS INTRODUCED:
Income tax credits; forested buffers for waterways. Provides a nonrefundable income tax credit to an individual or corporation who owns land abutting a waterway on which timber is harvested, and who forbears harvesting timber on certain portions of the land near the waterway. The amount of the credit is equal to 25 percent of the value of the timber in the forest retained as a buffer, up to $17,500. The State Forester is directed to develop guidelines and to certify individual plans to qualifying taxpayers.