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Bill > HB223

GA HB223

GA HB223
Revenue and taxation; exclude from the calculation of taxable net income certain disaster relief or assistance grant program payments for agricultural losses suffered due to Hurricane Helene

summary

Introduced
02/03/2025
In Committee
03/11/2025
Crossed Over
02/18/2025
Passed
04/07/2025
Dead
Signed/Enacted/Adopted
05/08/2025

Introduced Session

2025-2026 Regular Session

Bill Summary

AN ACT To amend Title 48 of the Official Code of Georgia Annotated, relating to revenue and taxation, so as to authorize certain local governing authorities to provide temporary tax relief from ad valorem taxes levied for the harvest or sale of standing timber from eligible timber property that was severely damaged or destroyed in certain disaster areas; to provide for conditions and procedures; to provide for the establishment of a certification form; to provide for audits; to provide for grants to such local governing authorities to offset the loss of certain revenues resulting from certain disaster damage to standing timber and such temporary tax relief; to provide for an appropriations contingency; to provide for a grant cap; to provide for the calculation of equalized adjusted property tax digests; to require the establishment of criteria regarding damage or destruction; to exclude from the calculation of taxable net income certain disaster relief or assistance grant program payments and crop insurance proceeds for agricultural losses suffered due to Hurricane Helene; to provide for refundable income tax credits for certain timber producers based on certain casualty losses related to Hurricane Helene; to provide for transferability of such credits; to provide for an aggregate annual cap; to provide for terms and conditions; to provide for credit preapproval; to provide for legislative findings; to provide for definitions; to provide for a sales and use tax exemption for a limited period of time for building materials used to repair or replace greenhouses and real property structures or fixtures used exclusively for the production of HB 223/AP animals; to provide for rules and regulations; to provide for definitions; to provide for related matters; to provide for a short title and legislative findings and intent; to provide for an effective date; to repeal conflicting laws; and for other purposes.

AI Summary

This bill, known as the Timberlands Recovery, Exemption, and Earnings Stability (TREES) Act, provides comprehensive relief for Georgia's timber industry and agricultural producers affected by Hurricane Helene in 2024. The bill offers multiple forms of financial assistance, including temporary tax relief for timber property owners in disaster areas, income tax exclusions for disaster relief grants and crop insurance proceeds, and refundable tax credits for timber producers who suffered substantial losses. Local governing authorities can temporarily waive timber harvest taxes for the final quarter of 2024 and all of 2025, and the state will provide grants to offset revenue losses for these local jurisdictions. The bill also creates a tax credit program that allows timber producers to claim credits up to $550 per affected acre, with a total aggregate cap of $200 million, and permits these credits to be carried forward for ten years or transferred once to another Georgia taxpayer. Additionally, the bill provides a sales tax exemption for building materials used to repair agricultural structures like greenhouses and livestock barns damaged by the hurricane. The legislation aims to support the timber industry's recovery, which suffered an estimated $1.3 billion in losses, by reducing financial burdens and providing mechanisms for restoration and replanting.

Committee Categories

Budget and Finance

Sponsors (7)

Last Action

Effective Date 2025-05-08 (on 05/08/2025)

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