Relating to the taxation of managed timber

Changed the managed timberland certification frequency from an annual requirement to every five years.

Added specific rulemaking authority for the State Tax Commissioner and Division of Forestry to administer managed timberland valuation and classification.

Corrected agency names and references throughout the bill to consistently include 'Division' (e.g., Division of Environmental Protection) and updated cross-references to include 'of this code'.

Adjusted the online renewal form text to clarify that the question asks if information from the last year's submission has changed.

Added detailed definitions for terms like 'actual annual operating costs', 'capitalization rate', 'compression costs', 'fractionation costs', 'gathering costs', 'lease operating expenses', 'lifting costs', 'marginal well', 'natural gas liquids', 'net proceeds', 'processing costs', 'processing separation and fractionation costs', 'royalty interest receipts', and 'transportation costs'.

Replaced the previous yield capitalization model with a new calculation method that uses a working interest model and royalty interest model, with specific multipliers for capitalization and decline rates.

Added a safe harbor provision allowing operators of marginal wells to use a predetermined operating cost amount instead of calculating actual costs.

Simplified the managed timberland renewal process by requiring an online application system with a streamlined form for owners whose information hasn't changed.

Established specific effective dates for new valuation rules, with different application dates for assessments made on or after July 1, 2022, and July 1, 2024.

Added requirements for the Tax Commissioner to report valuation information to legislative leadership and propose rules for administering the new valuation methods.