Bill > SB59

This bill revises the aggregate cap and application process for tax credits available to timber producers who suffered losses from Hurricane Helene, allowing for tax credits equal to 100 percent of a taxpayer's timber casualty loss, with a limit per affected acre. While preapproval of these credits was previously required for applications submitted by December 31, 2025, this bill removes that requirement for applications received on or after January 1, 2026, and changes the aggregate cap on preapproved tax credits from $200 million to $250 million. Furthermore, starting January 1, 2026, taxpayers can claim these credits without preapproval, on a first-come, first-served basis up to the $250 million aggregate limit, with the commissioner beginning to accept these applications no later than July 1, 2026, and providing notice of acceptance or rejection within 45 days. To claim these credits, taxpayers must certify that they have restored affected acres to a well-stocked stand or replanted timber to at least 90 percent of the lost value, using timber market conditions from September 25, 2024, for valuation, and these credits must be claimed by December 31, 2030.

Budget and Finance

https://www.legis.ga.gov/legislation/69640