Early County News

Timber tax credits


Burke

Burke

Senator Dean Burke encourages citizens in Early County and Senate District 11 areas impacted by Hurricane Michael to apply for the second round of timber tax credits.

A recent notice by the Department of Revenue puts the available timber tax credit for this round of applications at $134,387,813.

“Our area is still feeling the effects of Hurricane Michael and our citizens should utilize assistance by our state agencies or federal government,” said Sen. Burke. “The timber tax credit is one of the programs that has been set up for our farmers, land owners and forestry industry and I want our citizens to take advantage of this assistance. My staff and I are available to provide assistance so please do not hesitate to reach out.”

The timber tax credit is a result of two pieces of legislation passed during the 2018 Special Legislative Session and the 2019 Legislative Session. HB 4EX, which went into effect on November 17, 2018, allowed timberland owners to apply for an income tax credit, capped at $200 million.

During the 2019 session, House Bill 446 was passed to provide an additional avenue for claiming the income tax credit on timberland damaged by the storm by allowing an individual to claim the credit upon “restoration” or cleaning up of the land damaged by the hurricane. HB 446 went into effect April 18, 2019.

Taxpayers can apply for the second round of preapprovals through Dec. 31, 2019.

Preapprovals will be notified of the amount they were preapproved by January 31, 2020.

As of October 1, 2019, DOR has received less than $3 million in applications for the second round.

Download applications here: dor.georgia.gov/timber-tax-credit

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