Bill > SB52

This bill, known as the Timberlands Recovery, Exemption, and Earnings Stability (TREES) Act, provides temporary tax relief for timber property severely damaged by Hurricane Helene in Georgia. The bill allows local governing authorities in disaster-declared counties to grant tax exemptions for eligible standing timber during the last quarter of 2024 and all of 2025. Timber property owners can apply for this relief by submitting a certification form from the Georgia Forestry Commission that verifies their land was significantly damaged. To help local governments offset potential revenue losses, the state will provide grants calculated based on previous timber tax revenues and estimated damage. The bill defines "severely damaged" timber as requiring salvage thinning or clear-cutting, and establishes that the Georgia Forestry Commission will develop specific criteria for assessing timber damage. The legislation recognizes the unique nature of timber as an agricultural investment, which can take a decade or more to generate returns, and aims to support the timber industry's recovery by reducing tax burdens in areas hit hardest by the hurricane. The bill was prompted by an estimated $1.3 billion in timber losses as of November 2024 and seeks to help stabilize the market and facilitate faster land recovery.

Budget and Finance

https://www.legis.ga.gov/legislation/69629