Establishes a new classification for managed timberland leased for carbon credit income in West Virginia.

This bill creates a new classification for managed timberland leased for carbon credit income in West Virginia. It defines "managed timberland" and "carbon credit income" and outlines the conditions for this classification. The West Virginia Division of Forestry and the State Tax Division will oversee the classification and compliance. Properties within this classification will be taxed at the same rate as Category A managed timberland. The bill also includes provisions for penalties for non-compliance and reassessment of properties.

Establishes a new classification for managed timberland leased for carbon credit income in West Virginia.

This bill creates a new classification for managed timberland leased for carbon credit income in West Virginia. It defines "managed timberland" and "carbon credit income" and outlines the conditions for this classification. The West Virginia Division of Forestry and the State Tax Division will oversee the classification and compliance. Properties within this classification will be taxed at the same rate as Category A managed timberland. The bill also includes provisions for penalties for non-compliance and reassessment of properties.