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.
Impact
The bill defines specific terms surrounding the taxation of timber that could potentially change how local governments collect revenue from landowners involved in carbon sequestration programs. By codifying definitions and establishing a study commission, it aims to solidify understanding of the tax implications tied to these environmental practices. The moratorium on new carbon contracts provides a temporary pause that allows local governments and stakeholders to reassess how carbon sequestration will influence both logging practices and local tax revenues over time.
Summary
House Bill 123 introduces a framework for addressing carbon sequestration in New Hampshire's forest management by defining 'pre-sequestration timber tax revenue' and establishing a moratorium on new carbon sequestration contracts. The main goal of the bill is to assess how these practices affect state and local tax revenues, the environment, and the logging industry within the state. This initiative acknowledges the growing trend of carbon sequestration while also protecting the economic interests linked to timber production.
Contention
Key points of contention surrounding HB 123 likely include the balance between environmental goals and economic impacts on the logging industry. Some stakeholders may raise concerns that the moratorium could limit new opportunities for landowners who wish to engage in carbon credit programs, thereby reducing potential income from these initiatives. Conversely, proponents argue that the bill is essential for managing the economic ramifications of transitioning land-use practices and ensuring that local tax revenues remain stable amidst shifts towards environmental stewardship.
Establishing a commission to study the short and long-term impacts of pending national and regional carbon pricing mechanisms on New Hampshire's citizens, businesses, institutions, and environment.
Extending the New Hampshire granite advantage health care program and reestablishing the commission to evaluate the effectiveness and future of the New Hampshire granite advantage health care program.
Extending the New Hampshire granite advantage health care program and reestablishing the commission to evaluate the effectiveness and future of the New Hampshire granite advantage health care program.
Requiring the commissioner of the department of natural and cultural resources to identify all old growth and mature forests on public land in the state of New Hampshire.
Relative to parental access to a minor child's medical records, relative to refusal of consent to testing to determine alcohol concentration and penalties for aggravated driving while intoxicated, 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.