Amending the definition of timberland for purposes of determining the real estate excise tax for a governmental entity.

House Bill 1983 amends the definition of "timberland" for purposes of calculating the real estate excise tax. The bill expands this definition to include land transferred or sold to a governmental entity. For such land to qualify, the governmental entity must manage it in a manner consistent with designated forestland or classified timberland, and adhere to specific state law requirements. This change allows these governmental land transactions to be subject to the special 1.28 percent tax rate applicable to timberland, rather than potentially higher general rates.