| | | U. For income tax years beginning on or after January 1, | | 2015, the gain attributable to the sale of sustainably | | managed, eligible timberlands as calculated in this | | paragraph. |
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| | | (1) As used in this paragraph, unless the context | | otherwise indicates, the following terms have the | | following meanings. |
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| | | (a) "Commercial harvesting" or "commercially | | harvested" means the harvesting of forest products | | that have commercial value. |
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| | | (b) "Eligible timberlands" means land of at least | | 10 acres located in the State and used primarily | | for the growth of trees to be commercially | | harvested. Land that would otherwise be included | | within this definition may not be excluded because | | of: |
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| | | (i) Use of the land for multiple public | | recreation activities; |
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| | | (ii) Statutory or governmental restrictions | | that prevent commercial harvesting of trees | | or require a primary use of the land other | | than commercial harvesting; |
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| | | (iii) Deed restrictions, restrictive | | covenants or organizational charters that | | prevent commercial harvesting of trees or | | require a primary use of land other than | | commercial harvesting and that were effective | | prior to January 1, 1982; or |
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| | | (iv) Past or present multiple use for | | mineral exploration. |
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| | | (c) "Forest products that have commercial value" | | means logs, pulpwood, veneer, bolt wood, wood | | chips, stud wood, poles, pilings, biomass, fuel | | wood, Christmas trees, maple syrup, nursery | | products used for ornamental purposes, wreaths, | | bough material or cones or other seed products. |
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| | | (d) "Sustainably managed" means: |
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| | | (i) A forest management and harvest plan, as defined in section | | 573, subsection 3-A, has been prepared for the eligible | | timberlands |
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