Amending the definition of timberland for purposes of determining the real estate excise tax for a governmental entity.

Summary

The bill revises the state’s tax code to define timberland more broadly, including land classified or designated as forestland and land sold to a government that manages it as forestland. Sales of timberland—or agricultural land—will be taxed at a uniform 1.28 % rate, and the Department of Revenue must issue guidance on how to classify property. It also requires periodic adjustments to tax‑bracket thresholds based on the consumer price index for shelter.

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