Amends GS 105-277.3(g), sound management program for forestland, to provide that the failure of an owner to cut timber within five years of the cutting schedule provided for in the forest management plan does not disqualify the land from classification under the statute if the failure is because of depressed commercial markets for timber or weather related conditions that negatively affect the timber's health.

Amends GS 105-277.4 to provide that an application for taxation on property on the basis of its value in its present use will not be denied because of the applicant's name, including the usage of the term investments in the name, if the applicant meets the substantive ownership requirements.

Effective for taxable years beginning on or after July 1, 2013.