The Washington state House of Representatives has approved a bill by Rep. Jim Walsh, R-Aberdeen, that extends the expiration date for reporting timber purchase data to the Department of Revenue.
House Bill 1148 would extend the date to report purchases from July 1, 2018, to July 1, 2021, in a move which he said will help account for potential changes in tax policy and market conditions.
“This bill brings private sector timber landowners together with state agencies,” Walsh said in a press release. “The private land owners share proprietary information about their land and assets. This helps ensure stumpage values are calculated, and taxes gathered, that reflect real market place conditions.”
The press release said changes in tax policy and market conditions occur. Due to costs and the potential to misreport, landowners should be give a three-year extension, he said. This is in lieu of a permanent change.
The bill was approved 90 to 9 and is now headed to the state Senate.
