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

SB 281 requires parties to carbon offset agreements in West Virginia to register with the State Tax Department and pay an excise tax on income from these agreements. It revises the definition of "managed timberland" to exclude land subject to carbon offset agreements that restrict timber harvesting, and it voids any covenant restricting land use for carbon purposes beyond a 20-year term without requiring renegotiation for renewals. This law directly affects landowners entering carbon offset contracts and state agencies like the Tax Department and Division of Forestry, which must manage registrations and reports. The bill establishes concrete regulatory mechanisms for carbon offset agreements through registration, taxation, and limits on long-term land use restrictions.