Page 28 - Georgia Forestry - Issue2 - Spring 2019
P. 28
House Bill 4EX
$200 million
income tax credit for forest landowners — credit is contingent upon reforestation of the property to aid in restoration of forestland
relief for those who have suffered. Pro- visions include $20 million in emergency funding for forest debris cleanup efforts that is approved by Georgia Forestry Commission (GFC) and administered by the Georgia Development Authority (GDA). In addition, $7 million in funding was approved for new heavy firefighting equipment for GFC. The new equipment will be focused on cleaning up debris and preventing future wildfire risks.
“Hurricane Michael delivered a mammoth blow to south Georgia’s rural economies, which are heavily dependent on the forest industry,” said Rep. Trey Rhodes, who was the primary sponsor of HB 4EX. “I was proud to see the General Assembly work diligently and quickly through the Special Session to provide much-needed relief for our fellow Georgians. Cleanup and reforestation efforts have begun, and I am hopeful that a healthy forest ecosystem will soon return to Southwest Georgia for the benefit of our economy, environment, and our heritage.”
The issue was one that extended well beyond district lines and received an outpouring of support from the General Assembly.
A bipartisan measure approved by both the House and Senate chambers, House Bill 4EX creates a $200 million income tax credit for forest landowners who incurred losses within the 28-county disaster area. The credit is both trade- able and refundable but is contingent upon reforestation of the property, and it is expected to restore approximately
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500,000 acres of forestland. Eligible forest landowners will be required to apply to the Department of Revenue (DOR) at 100 percent of the value of their timber loss with a cap at $400/acre.
In addition, legislators approved House Bill 1EX, providing $270 million to address costs associated with the state’s response to the storm and for direct
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