To modify the excise taxation of forest products businesses. Among other changes, the bill allows the sale of standing timber to be exempt from tax if the timber is sold separately from the underlying land and the seller requires the purchaser to sever the timber from the land within thirty months or less from the date of execution of the sale agreement. See companion SB 5493.   Official Text and Analysis.

To add the 0.2904 B&O tax on the sales of standing timber and the definition of paper and paper products.