09 LC 18
8320ER
House
Bill 768
By:
Representatives Peake of the
137th,
Williams of the
178th,
Powell of the
171st,
Roberts of the
154th,
Hatfield of the
177th,
and others
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia
Annotated, relating to the imposition, rate, computation, and exemptions
regarding income tax, so as to provide for income tax credits with respect to
qualified reforestation expenses; to provide for conditions and limitations; to
provide for powers, duties, and authority of the state revenue commissioner with
respect to the foregoing; to provide an effective date; to provide for
applicability; to repeal conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Article
2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating
to the imposition, rate, computation, and exemptions regarding income tax, is
amended by adding a new Code section to read as follows:
"48-7-29.17.
(a)
As used in this Code section, the term 'qualified reforestation expense' means
the expenditure of funds by the taxpayer in connection with the forestation or
reforestation of commercial woodlands in this state, including, but not limited
to, the costs of site preparation, seeds and seedlings, labor and tool costs,
and depreciation on machinery and equipment.
(b)
A taxpayer shall be allowed a credit against the tax imposed by Code Section
48-7-20 for qualified reforestation expenses in an amount not to exceed the
actual amount expended or $5,000.00, whichever is less.
(c)
A taxpayer shall be allowed a credit against tax imposed by Code Section 48-7-20
for qualified reforestation expenses in an amount not to exceed the actual
amount expended or $25,000.00, whichever is less, when such reforestation
expenses are the result of damage and loss to forested property due to natural
disasters, including, but not limited to, hurricanes, wildfire, tornado, and
insect infestation. For purposes of this subsection, reforestation shall begin
no later than two years following the loss of timber due to natural
disaster.
(d)
In no event shall the total amount of any tax credit provided under this Code
section for a taxable year exceed the taxpayer's income tax liability. Any
unused tax credit shall be allowed the taxpayer against succeeding years' tax
liabilities. No such credit shall be allowed the taxpayer against prior years'
tax liabilities.
(e)
No taxpayer shall be authorized to claim or be allowed a credit under
subsections (b) and (c) of this Code section in the same taxable
year.
(f)
The commissioner shall be authorized to promulgate any rules and regulations
necessary to implement and administer the provisions of this Code
section."
SECTION
2.
This
Act shall become effective on January 1, 2010, and shall be applicable to all
taxable years beginning on or after that date.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.