California's new "Lumber and Engineered Wood Products 1% Assessment"

In a state hit hard by the economic times, a new assessment on lumber has been levied by California lawmakers. Assembly Bill (AB) 1492, concerning lumber products went into effect Jan. 1.

Now, when purchasing certain wood products, a one percent assessment fee will be collected by retailers, and in some cases, by contractors. This fee is to fund the newly formed “Timber Regulation and Forest Restoration Fund” under the Department of Forestry and Fire Protection. The State Board of Equalization (BOE) will be responsible for collecting the fee.

According to the California State Board of Equaliza...