VA HB543

Assigns management of the Forest Sustainability Fund to the Office of Working Lands Preservation, under supervision of the State Forester

Adds a sixth duty to the Office of Working Lands Preservation's responsibilities specifically for managing this fund

The Forest Sustainability Fund provides annual allocations to localities that have adopted use value assessment and taxation for forest land

Localities must apply by November 15 each year and can receive proportional distributions based on revenue forgone due to forest use value taxation

Allocation limits cap each locality at no more than 4% and no less than 0.5% of available funds, with payments not exceeding the locality's forgone revenue