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House Bill 1657


 

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House Bill 1657

ARCHIVE (2007)

Latest Information

 
DIGEST OF HB 1657 (Updated March 12, 2007 12:02 pm - DI 14)

Forestry issues. Provides deductions to an individual in determining adjusted gross income for a taxable year for: (1) expenses incurred by the individual for property taxes imposed on property assessed as native forest land or a forest plantation; (2) expenses incurred by the individual for fees for the management of forests located on property assessed as native forest land or a forest plantation; (3) 50% of the part of federal adjusted gross income attributable to a net long term capital gain derived from the sale of timber; and (4) charitable contributions of property assessed as native forest land or a forest plantation. Provides that the deductions with respect to forest plantation apply only if: (1) the classification as forest plantation occurred before July 1, 2007; or (2) if the classification occurred after June 30, 2007, all of the trees that qualify the land for the classification are native trees.
Current Status:
 In Committee - 2nd House
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