Second timber tax credit sign-up for hurricane losses is underway
A second timber tax credit application period has begun for forest landowners who missed the first sign-up that ended May 31. Landowners who applied and were preapproved in the first round need not reapply. The tax credit applies to landowners with timber damage from Hurricane Michael within the 28-county state-declared disaster area who plan to replant or restore acreage for the production of forest products or ecological services. The tax credit, which is refundable or transferrable, is designed to assist in offsetting up to $400 per acre of timber fair market value losses.
The disaster-area counties are Baker, Bleckley, Brooks, Calhoun, Clay, Colquitt, Crisp, Decatur, Dodge, Dooly, Dougherty, Early, Grady, Laurens, Lee, Lowndes, Miller, Mitchell, Pulaski, Randolph, Seminole, Sumter, Terrell, Thomas, Tift, Turner, Wilcox, and Worth.
Applications for the Hurricane Michael Georgia Timber Tax Credit are being taken online by the Georgia Department of Revenue (DOR) at www.gfb.ag/timbertaxcredit through Dec. 31.
After the application period, the DOR will notify landowners of their pre-approval status, and the credits can be claimed after the replanting and/or restoration occur.
Go to the Storm Damage Resources page of the GFC website (www.GaTrees.org) to see the Replanting & Restoration Guidelines, Frequently Asked Questions Document and other helpful information concerning the timber tax credit.