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Committee approves reclassification of forestry equipment for tax assessment
Summary
A committee substitute for Senate Bill 701, which designates forestry equipment as Class 1 property for tax assessment and sets an effective date of July 1, 2025, was agreed to and reported to the full Senate; the fiscal note estimates state impact of about $1.1 million with $330,000 from general revenue.
The Senate Finance Committee voted March 27 to report committee substitute for Senate Bill 701 to the full Senate with a recommendation that it pass.
The bill reclassifies forestry equipment—defined in the committee substitute to include skidders, feller bunchers, forwarders, cable yarders, dozers, loaders, trailers and other machinery primarily used in forestry operations—as Class 1 property for tax assessment purposes. The committee counsel explained that West Virginia's tax code divides property into four classes, with Class 1 carrying the lowest assessment rate.
The committee substitute set an effective date of July 1, 2025, and the fiscal note attached to the bill estimated an approximate statewide fiscal impact of $1,100,000, of which roughly $330,000 would affect general revenue. Representatives from the Division of Tax and the Farm Bureau were present to answer questions, counsel said. The committee agreed to the committee substitute by voice vote and approved a motion to report it to the full Senate.
No amendments or roll-call tallies were recorded in the committee transcript; the chair recorded the voice vote as "the ayes have it."
