Relating to forestland law; prescribing an effective date; providing for revenue raising that requires approval by a three-fifths majority.

Imposes severance tax on all timber harvested from public and private forestland. Provides lower rates for older stands of trees. Redirects revenues from certain forest products harvest taxes. Repeals exclusion for first 25,000 feet, board measure. Repeals exemptions for environmentally sensitive logging equipment and forest roads. Repeals special assessment for homesites on forestland. Increases minimum acreage of forestland eligible for small tract forestland status. Phases out small tract forestland with tax increases over three years. Increases penalties for noncompliance with Oregon Forest Practices Act. Takes effect on 91st day following adjournment sine die.