ATLANTA — State Rep. Darlene Taylor (R-Thomasville) announced that the Department of Revenue (DOR) is now accepting a second round of applications for timber tax credits for citizens who incurred timber losses from Hurricane Michael.
“After Hurricane Michael, my colleagues and I worked quickly to provide support to our citizens in Southwest Georgia, as well as the industries that were impacted by the storm, such as the timber industry,” said Rep. Taylor. “It has been nearly one year since the General Assembly established the timber tax credits, and these tax credits continue to provide much needed relief to those who sustained losses during Hurricane Michael. I encourage my constituents and other citizens in our area to take advantage of this program and apply for the second round of timber tax credits.”
The Department of Revenue puts the available timber tax credit for the second round of applications at $134,387,813. As of October 1, 2019, the DOR has received less than $3 million in applications for the second round. Taxpayers can apply for the second round of preapprovals from July 1, 2019, to December 31, 2019. Applicants who receive a preapproval will be notified of the amount they were preapproved during January 2020.
After Hurricane Michael devastated areas of Southwest Georgia, the General Assembly passed HB 4EX during a special legislative session in November 2018. HB 4EX went into effect on November 17, 2018, to provide immediate assistance to those impacted by the hurricane. This first portion of the timber tax credit was capped at $200 million and allowed timberland owners to apply for an income tax credit if their trees were damaged by Hurricane Michael.
During the 2019 legislative session, House Bill 446 was also passed to expand opportunities for claiming the income tax credit on timberland damaged by the storm. HB 446, which went into effect on April 18, 2019, allows an individual to claim the credit upon ‘restoration’ or cleaning up of the land damaged by the hurricane.