HB 2737 Summary

• Extends the healthy forest enterprise incentive program deadlines from 2024 to 2034, allowing qualified businesses to continue harvesting and processing forest products and receiving related tax benefits for an additional 10 years.

• Expands the definition of "qualifying equipment" and "qualifying forest products" to include a broader range of forest management equipment and materials used in harvesting, transporting, and processing operations.

• Extends tax incentives including sales tax exemptions on equipment and fuel, use tax exemptions, and property tax classifications for businesses engaged in healthy forest management activities through 2034.

• Modifies the healthy forest production tax credit provisions in both individual and corporate income tax sections, extending the credit period from 2031 to 2031 while clarifying definitions of "processes" and qualifying products.

• Makes the extensions retroactively effective from December 31, 2023, allowing businesses to claim benefits for activities during the extended period.