West Virginia Senate Bill 595 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 4-0)
Status: Introduced on February 9 2023 - 25% progression, died in committee
Action: 2023-02-09 - To Finance
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [HTML]

The purpose of this bill is to balance the interests of current landowners and future landowners to ensure surface, minerals, and forest land may be developed for future economic gain by limiting use restrictions for forest carbon capture and sequestration to a maximum term of 20 years. The bill defines certain terms. The bill requires parties to current and new carbon offset agreements to register with the State Tax Department. The bill requires reports by Division of Forestry and the State Tax Department. The bill authorizes the disclosure of information between the Tax Commissioner and Division of Forestry. The bill imposes excise tax on receipts derived from carbon offset agreements. The bill sets forth reporting requirements. The bill provides an effective date. The bill defines "managed timberland" to exclude timberland that is subject to a carbon offset agreement. The bill specifies application of West Virginia Tax Procedure and Administration Act and West Virginia Tax Crimes and Penalties Act. The bill authorizes promulgation of rules. The bill provides legislative findings and declarations. The bill provides that any covenant, restriction, condition, easement, contract, lease, deed, agreement, option, or other governing document, which is executed or recorded after the effective date, which effectively prohibits or restricts the development of land, minerals, and the harvesting of timber for the purposes of forest carbon capture, carbon offset, and carbon sequestration is void and unenforceable, unless said covenant, restriction, condition, easement, contract, lease, deed, agreement, option, or other governing document is for a maximum term of 20 years. The bill provides that options to renew or continue such arrangements beyond the initial maximum term of 20 years shall be valid only if the consideration is required to be renegotiated to exercise the option.

Relating to real property, tax, and registration requirements associated with carbon offset agreements

Sen. Eric Tarr [R]

Sen. Patrick Martin [R]

Sen. Jack Woodrum [R]

Sen. Randy Smith [R]

Date	Chamber	Action
2023-02-09	Senate	To Finance
2023-02-09	Senate	Introduced in Senate
2023-02-09	Senate	To Finance
2023-02-09	Senate	Filed for introduction

Chapter	Article	Section	Citation Type	Statute Text
11	12	4B	New Code	See Bill Text
11	12E	1	New Code	See Bill Text
11	12E	2	New Code	See Bill Text
11	12E	3	New Code	See Bill Text
11	12E	4	New Code	See Bill Text
11	1C	2	Amended Code	Citation Text
36	4	20	New Code	See Bill Text

Type	Source
Summary	http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=595&year=2023&sessiontype=RS&btype=bill
Text	http://www.wvlegislature.gov/Bill_Status/bills_text.cfm?billdoc=sb595%20intr.htm&yr=2023&sesstype=RS&i=595
Supplement	http://www.wvlegislature.gov/Fiscalnotes/FN(2)/fnsubmit_recordview1.cfm?RecordID=862662842