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GA HB919
Bill
Status
Introduced
2/18/2020
Primary Sponsor
James Hatchett
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AI Summary
- Creates a new Georgia state income tax deduction for casualty losses of timber, calculated as the diminution in fair market value of up to 2,000 acres of timberland before and after the casualty event, to the extent the loss exceeds the cost basis reported on the taxpayer's federal return
- Deduction applies only to timber property owned in Georgia and must be reduced by any value received related to the loss, including insurance payments, tax credits, disaster payments, grants, or relief funding
- Eligible claimants include individual owners, Georgia S corporations, partnerships, and LLCs, but the deduction may only be taken at the entity level
- Caps the total aggregate deduction at $347 million across all returns filed in any calendar year, with the Department of Revenue required to track and publish the remaining balance on its website; any deductions exceeding the cap are added back to the taxpayer's taxable income
- Effective July 1, 2020, and applicable to all taxable years beginning on or after January 1, 2020
Legislative Description
Revenue and taxation; deduction from Georgia taxable income for casualty losses of timber in an amount based on the diminution of value; provide
Last Action
House Second Readers
2/20/2020
Full Bill Text
No bill text available