LD 1165
pg. 7
Page 6 of 14 PUBLIC Law Chapter 644 Page 8 of 14
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LR 1927
Item 1

 
(m) For eligible timberlands held by the taxpayer
for at least a 22-year period beginning on or
after January 1, 2005 but less than a 23-year
period beginning on or after January 1, 2005,
13/15 of the gain recognized on the sale of the
eligible timberlands;

 
(n) For eligible timberlands held by the taxpayer
for at least a 23-year period beginning on or
after January 1, 2005 but less than a 24-year
period beginning on or after January 1, 2005,
14/15 of the gain recognized on the sale of the
eligible timberlands; or

 
(o) For eligible timberlands held by the taxpayer
for at least a 24-year period beginning on or
after January 1, 2005, all of the gain recognized
on the sale of the eligible timberlands.

 
(3) Taxpayers claiming this credit must attach a sworn
statement from a forester licensed pursuant to Title
32, chapter 76 that the timberlands for which the
credit is claimed have been managed sustainably. For
the purposes of this subparagraph, "sustainably" means
that the timberlands for which the credit is claimed
have been managed to protect soil productivity and to
maintain or improve stand productivity and timber
quality; known occurrences of threatened or endangered
species and rare or exemplary natural communities;
significant wildlife habitat and essential wildlife
habitat; and water quality, wetlands and riparian
zones.

 
Upon request of the State Tax Assessor, the Director of
the Bureau of Forestry within the Department of
Conservation may provide assistance in determining
whether timberlands for which the credit is claimed
have been managed sustainably. When assistance is
requested under this subparagraph, the director or the
director's designee may enter and examine the
timberlands for the purpose of determining whether the
timberlands have been managed sustainably.

 
In the case of timberlands owned by an entity that is treated as
a pass-through entity for income tax purposes, the land must be
treated as eligible timberland if ownership and use of the land
by the pass-through entity satisfies the requirements of this
paragraph. If the owner of the eligible timberlands is an S
corporation, the taxpayer must subtract the owner's pro rata
share of the gain. If the owner of the timberlands is a
partnership or limited


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