The due date for payment of yield taxes on merchantable timber cut on damaged managed forest land and the assessment of payments per acre for damaged managed forest land

This bill allows the owner of MFL to apply to DNR to extend the due date for the payment of yield taxes by an additional ten years from the date on which those taxes would ordinarily be due, under certain circumstances. An owner may apply for an extension if a catastrophic event caused a 50 percent or more reduction in the total stumpage value of the merchantable timber on all of the tracts of MFL for which the owner applies for an extension. The bill defines a "catastrophic event" as damage caused by fire, ice, snow, wind, flooding, insects, or disease. The bill provides that the owner is eligible for the extension only if the damaged tracts of MFL constitute at least 15 percent of the land under the owner's MFL order.

The bill also allows an owner of MFL to make acreage share payments in a reduced amount for a period of ten years following the expiration of the MFL order under certain limited circumstances. To be eligible for the reduced payments, the MFL owner must qualify for an extension of the due date for the payment of yield taxes on the MFL based on a catastrophic event that occurred within 15 years before the expiration of the MFL order for the land. The land must also be reenrolled in the MFL program. Under these circumstances, the owner may make acreage share payments in the amount required under the MFL order that was in effect at the time of the catastrophic event instead of the amount that would otherwise be due.