GA HB1523

Creates a Georgia state income tax credit equal to 50% of the fair market value of land or interests in land donated for use as public parks and recreation areas, effective for taxable years beginning on or after January 1, 2011

Tax credit is capped at $250,000 for individual taxpayers and $500,000 for corporate taxpayers per taxable year, with unused credits eligible for a 10-year carryforward

Qualified donations must be unconditional transfers of fee interests in real property or perpetual conservation easements to the state, a state instrumentality, or a 501(c)(3) charitable organization, with the property dedicated to public park use in perpetuity

Credits are transferable to other taxpayers, subject to a transfer fee of 2% of the donated interest's value or $10,000, whichever is less, and the transfer does not create taxable gain or loss for either party

Imposes penalties on appraisers who prepare valuations resulting in substantial valuation misstatements (defined as 150% or more of the correct value), with penalties up to 25% of the excess credit claimed or 125% of the appraiser's gross income from the appraisal