Georgia Code
Article 2 - Imposition, Rate, Computation, Exemptions, and Credits
§ 48-7-40.36. Tax Credits for Timber Producers Incurring Losses From Hurricane Michael

(d.1) (1) If, on July 1, 2019, the commissioner has not preapproved tax credits in the amount of $200 million in aggregate pursuant to this Code section, a second round of preapproval applications shall be reviewed by the commissioner. Preapproval applications for the second round shall be submitted on or after July 1, 2019, and on or before December 31, 2019.
(2) In the event that properly completed and timely submitted preapproval applications are submitted during the second round for an amount that exceeds the amount of funds available to fully fund the tax credits requested, the commissioner shall prorate the available funds between or among the applicants.
(3) The commissioner shall approve all properly completed and timely submitted preapproval applications during the second round and issue a preapproval certificate to the taxpayer by January 31, 2020, certifying the amount of credits such taxpayer is eligible to claim if the taxpayer meets the conditions of this Code section.
History. Code 1981, § 48-7-40.36 , enacted by Ga. L. 2018, Ex. Sess., p. ES3, § 1/HB 4EX; Ga. L. 2019, p. 86, § 1/HB 446.
The 2019 amendment, effective April 18, 2019, inserted “restoration,” near the end of paragraph (a)(2); rewrote subsection (f), which read “(f)(1) Tax credits allowed pursuant to this Code section shall be eligible to be claimed only by the taxpayer to which a preapproval certificate was issued by the commissioner. Such tax credits shall only be claimed in the taxable year in which the taxpayer first completes the replanting of timber in a quantity projected to yield at maturity at least 90 percent of the value of the timber casualty loss claimed. Such timber shall be planted within the same county in which the eligible timber property was being grown when the timber casualty loss was incurred. Timber market conditions as of October 8, 2018, shall be used for the purposes of establishing projected value.
“(2) In order to claim such tax credits, a taxpayer shall attach to such taxpayer’s state tax return certification from the taxpayer that the requirements of this Code section have been met and any other information required by the commissioner including information which demonstrates that it has completed the replanting of timber required pursuant to paragraph (1) of this subsection.
“(3) Any tax credits allowed pursuant to this Code section shall be claimed on or before December 31, 2024.”; added the proviso at the end of paragraph (g)(1); and added the proviso at the end of the first sentence in paragraph (h)(5).
Cross references.
Timber products, § 2-14-80 et seq.
Administrative rules and regulations.
Timber tax credit, Official Compilation of the Rules and Regulations of the State of Georgia, Department of Revenue, Income Tax Division, Returns and Collections, § 560-7-8-.65.

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