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House bill would let governmental buyers qualify forest sales for lower REIT rate
Summary
House Finance held a public hearing Feb. 13 on House Bill 16-41, which would expand the real estate excise tax (REIT) definition of timberland so certain forest lands transferred or sold to governmental entities qualify for the 1.28% REIT rate.
House Finance held a public hearing Feb. 13 on House Bill 16-41, which would expand the real estate excise tax (REIT) definition of timberland so certain forest lands transferred or sold to governmental entities qualify for the 1.28% REIT rate.
“For the record, Christina King, staff to the committee,” said Christina King during the staff briefing, describing the bill’s core change: “The definition of timberland for purposes of calculating the rate of the real estate excise tax is expanded to include certain forest lands transferred or sold to a governmental entity. The rate is 1.28%.”
The staff presentation explained the current REIT structure and the existing “current use”…
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