SB 822

Carbon Offset Agreement

Strongly disfavors carbon offset agreements by removing them from favorable tax treatment as managed timberlands, requiring the purchaser to register and pay an excise tax of as much as 50% of the value of the agreement to the landowner, and declaring it West Virginia public policy to void the restrictions on future timbering in private covenants, thereby jeopardizing conservation easements.

ISSUES: Climate, Development, Land & Wildlife

CWV Position: Opposes

Status: Introduced 2/16/24, referred to Finance; committee substitute 2/26/24; read third time 2/28/24; removed from calendar by Rules Committee 2/28/24