State Representative Gerald Greene (R-Cuthbert) 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.

“I strongly encourage the citizens of House District 151 and the surrounding areas to apply for this second round of timber tax credits,” said Rep. Greene. “Since Hurricane Michael devastated Southwest Georgia, the General Assembly has remained committed to supporting the affected areas and its citizens as they continue to rebuild their lives, and the timber tax credits have already allowed our citizens to make tremendous progress in their recovery efforts. The damage from this storm still lingers across the state, but I believe the timber tax credits are a crucial step to rebuilding one of Georgia’s vital natural resources.”

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 that 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.