| U. For income tax years beginning on or after January 1, | 2015, the gain attributable to the sale of sustainably | managed, eligible timberlands as calculated in this | paragraph. |
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| (1) As used in this paragraph, unless the context | otherwise indicates, the following terms have the | following meanings. |
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| (a) "Commercial harvesting" or "commercially | harvested" means the harvesting of forest products | that have commercial value. |
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| (b) "Eligible timberlands" means land of at least | 10 acres located in the State and 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: |
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| (i) Use of the land for multiple public | recreation activities; |
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| (ii) Statutory or governmental restrictions | that prevent commercial harvesting of trees | or require a primary use of the land other | than commercial harvesting; |
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| (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 |
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| (iv) Past or present multiple use for | mineral exploration. |
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| (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. |
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| (d) "Sustainably managed" means: |
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| (i) A forest management and harvest plan, as defined in section | 573, subsection 3-A, has been prepared for the eligible | timberlands |
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