HB 1319

Abstract

Beneficial hardwood management practices. Creates a nonrefundable income tax credit for taxable years 2022 through 2026 for expenses incurred by a taxpayer for the implementation of beneficial hardwood management practices. The credit equals the lesser of the actual expenses or $1,000. The bill requires the Tax Commissioner, in coordination with the State Forester, to establish guidelines for claiming the credit and provides that any unused credit may be carried forward by the taxpayer for five taxable years following the taxable year for which the credit was issued. The credit is subject to an aggregate annual cap of $1 million that will be administered by the Department of Forestry on a first-come, first-served basis.

Beneficial hardwood management practices. Createsa nonrefundable income tax credit for taxable years 2022 through2026 for expenses incurred by a taxpayer for the implementation ofbeneficial hardwood management practices. The credit equals the lesserof the actual expenses or $1,000. The bill requires the Tax Commissioner,in coordination with the State Forester, to establish guidelines for claiming the credit and provides that any unused credit may becarried forward by the taxpayer for five taxable years followingthe taxable year for which the credit was issued.