Resource Number: 17224
Title: Georgia Timber Tax Credit: Answers to frequently asked questions
Description: Hurricane Michael had a devastating impact on the timber industry in South Georgia. Many forest landowners suffered catastrophic or severe timber losses due to the event. The Georgia General Assembly enacted HB 4EX in November of 2018 and an amendment (HB 446) in April of 2019. The bill provides a refundable and transferable state income tax credit for qualified taxpayers (including timber producers) who sustained casualty losses during Hurricane Michael. This list of frequently asked questions explains who is eligible for this tax credit, how the general procedure works, how the credit is calculated, how to claim and use the credit, and implications on federal income taxes. The tax credit is transferable and refundable (transferees are not eligible for the refundable provision), which makes it unique for this type of program.
Last Updated: October 15, 2019
Domain(s)/Area(S):
- Forestry
Locations: