Bill > HB134

This bill, known as the "Keep Georgia Forested Act," amends Georgia's income tax laws to provide new tax credits and expand existing ones for "forestry manufacturers," which are defined as businesses using wood fiber, forest biomass, or by-products from domestically sourced timber to create forest products, renewable fuels, bio-based chemicals, or bioenergy. The bill allows these forestry manufacturers to claim tax credits for creating new full-time jobs, with the credit amount varying based on the county's development tier, and also offers credits for qualified investment property, with higher percentages for forestry manufacturers in tier 1 counties. Importantly, these tax credits, earned between January 1, 2026, and January 1, 2031, can be transferred or sold to other Georgia taxpayers, with specific reporting requirements and conditions. The bill also establishes an aggregate cap of $250 million for all forestry manufacturer tax credits, with a sub-cap of $100 million for those in tier 3 and 4 counties, and requires a two-thirds vote in both chambers of the General Assembly for any future amendments or extensions of these credits.

Budget and Finance

https://www.legis.ga.gov/legislation/69533