Sec. 3. 36 MRSA §5122, sub-§2, ķU is enacted to read:

U.__For income tax years beginning on or after January 1, 2015, the gain attributable to the sale of eligible timberlands as calculated in this paragraph.

(1)__As used in this paragraph, unless the context otherwise indicates, the following terms have the following meanings.

(a)__"Commercial harvesting" or "commercially harvested" means the harvesting of forest products that have commercial value.

(b)__"Eligible timberlands" means land of at least 10 acres used primarily for the growth of trees to be commercially harvested.__Land that would otherwise be included within this definition may not be excluded because of:

(i)__Use of the land for multiple public recreation activities;

(ii)__Statutory or governmental restrictions that prevent commercial harvesting of trees or require a primary use of the land other than commercial harvesting;

(iii)__Deed restrictions, restrictive covenants or organizational charters that prevent commercial harvesting of trees or require a primary use of land other than commercial harvesting and that were effective prior to January 1, 1982;__or

(iv)__Past or present multiple use for mineral exploration.

(c)__"Forest products that have commercial value" means logs, pulpwood, veneer, bolt wood, wood chips, stud wood, poles, pilings, biomass, fuel wood, Christmas trees, maple syrup, nursery products used for ornamental purposes, wreaths, bough material or cones or other seed products.