Timber tax minimum

From the 2024 DOR Tax Exemption Study

84.33.086 - Timber tax minimum Description Any timber harvester incurring less than $50 in timber excise tax per calendar quarter is exempt from the timber excise tax. Purpose To support smaller harvesters and to reduce administrative costs for harvesters and the department. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes Minimal Minimal Minimal Minimal Local Taxes Minimal Minimal Minimal Minimal 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 Minimal Minimal Minimal Local Taxes $0.000 Minimal Minimal Minimal Assumptions - This repeal takes effect July 1, 2024, and impacts 11 months of collections in fiscal year 2025. - Revenue impact is minimal. Data Sources - Department of Revenue, Timber excise tax data Additional Additional Information Information Category: Business Year Enacted: 1984 Primary Beneficiaries: Harvesters of timber on private lands Taxpayer Count: 180 Program Inconsistency: None evident JLARC Review: Expedited review completed in 2023 2024 Tax Exemption Study Page 1082