Relating to forestry; providing for revenue raising that requires approval by a three-fifths majority; providing that this Act shall be referred to the people for their approval or rejection.

Imposes a severance tax on owners of timber harvested from public or private forestland. Imposes the tax at rates determined under brackets according to the acreage of forestland held in common ownership, multiplied by the pond value of timber at the time of harvest. Repeals forest products harvest taxes. Abolishes a lot surcharge. Makes changes related to the cost of fire protection provided within forest protection districts. Abolishes the Emergency Fire Cost Committee and the Oregon Forest Land Protection Fund. Refers the Act to the people for their approval or rejection at the next regular general election.