Small timber harvesters

From the 2024 DOR Tax Exemption Study

82.04.333 - Small timber harvesters Description Small timber harvesters (generally those harvest less than two million board feet in a calendar year) can exclude up to $100,000 per tax year from their gross receipts or value of products proceeding or accruing from timber harvested. Purpose To support small harvesters. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $0.024 $0.023 $0.023 $0.023 Local Taxes $0.000 $0.000 $0.000 $0.000 Repeal of Repealing this exemption would increase revenues. exemption Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $0.021 $0.023 $0.023 Local Taxes $0.000 $0.000 $0.000 $0.000 Assumptions - This repeal takes effect July 1, 2024, and impacts 11 months of collections in fiscal year 2025. - Growth rate mirrors the timber excise tax growth rate reflected in the Economic and Revenue Council’s March 2023 forecast. - Tax savings calculated based on the preferential B&O tax rate of 0.3424%. This rate includes the 0.052% surcharge. Data Sources - Department of Revenue, Excise tax data - Economic and Revenue Forecast Council, March 2023 forecast Additional Additional Info