Defining pre-sequestration timber tax revenue, establishing a...
Defining pre-sequestration timber tax revenue, establishing a moratorium on carbon sequestration and establishing a commission to study the effects of carbon sequestration in New Hampshire forests upon state and local tax revenue, effective forest management, and the health of New Hampshires logging industry.
HB123 aims to clarify the tax revenue generated from timber before any carbon sequestration activities and to halt carbon sequestration in New Hampshire's forests temporarily. It also sets up a commission to examine how carbon sequestration impacts state and local tax revenue, forest management, and the logging industry's well-being. The bill has been signed into law and will take effect in November 2027, with certain provisions expiring in July 2025.
This legislation directly affects forestry, logging businesses, and local governments by potentially altering tax revenues and forest management practices. It also impacts state agencies and officials who will need to oversee and study the effects of carbon sequestration.
The bill was introduced on January 6, 2025, and after several legislative steps, it was signed into law on July 22, 2025. Key actions include being referred to committees, undergoing hearings, and passing through both the House and Senate with amendments before final approval.
