Every purchaser of more than 200,000 board feet of privately owned timber in a voluntary sale must report the purchase to the Department of Revenue (Department) on or before the last day of the month in which the purchase took place. The Department may assess a penalty of $250 if a purchaser fails to report the required information.
The report must contain information related to the value of the purchase including: certain descriptive information of the sale area, materials harvested, and total sale price; the sale date and termination date in the sale agreement; and the name, address, and contact information of both the purchaser and seller.
Information gathered in the timber purchase reports is used by the Department to establish stumpage value tables for each species of tree commercially harvested in Washington. The stumpage value tables indicate the amount that each species would sell for at a voluntary sale made in the ordinary course of business and are used to calculate the excise tax amount due from each timber harvester. Timber harvesters must pay a 5 percent excise tax on any timber harvested.
The timber purchase reporting requirement expires on July 1, 2021.
The expiration date for the timber purchase reporting requirement is changed from July 1, 2021, to September 30, 2025.
House | 96 | 0 | |
Senate | 49 | 0 |
June 30, 2021