GA SB59

Increases the aggregate cap on tax credits for timber producers who incurred losses from Hurricane Helene from $200 million to $250 million

Tax credit equals 100% of timber casualty loss, capped at $550 per affected acre of eligible timber property in disaster areas

Eliminates preapproval requirement for applications received on or after January 1, 2026; credits will be awarded in order of receipt up to the aggregate cap

Commissioner must begin accepting applications without preapproval no later than July 1, 2026, and provide acceptance/rejection notice within 45 days of submission

All tax credits must be claimed on or before December 31, 2030, and the act applies to taxable years beginning on or after January 1, 2026