defining pre-sequestration timber tax revenue, establishing a moratorium on carbon sequestration and establishing a commission to study the effects of carbon sequestration in New Hampshire forests upon state and local tax revenue, effective forest management, and the health of New Hampshire’s logging industry.

HB 123 establishes a temporary moratorium on new carbon sequestration projects in New Hampshire forests and creates a commission to study how carbon sequestration affects state/local tax revenue, forest management, and the logging industry. The bill also grants the Pasquaney School District an exception to standard tax assessment rules, allowing member towns to adjust tax rates for the 2025 partial payment to align with the district’s budget needs. The commission will examine impacts on timber tax revenue (defined as revenue before carbon sequestration projects began), forest health, and the logging industry’s economic health. These provisions directly affect New Hampshire’s forestry sector, local tax calculations for the Pasquaney School District, and state policy regarding carbon sequestration.