Timber Tax Credit
On this page find information and instructions on Timber Tax Credit.
- Tax Credit Code: 145
- Tax Credit Code: 155
Summary (Timber Tax 2018)
This is a refundable income tax credit for taxpayers that suffered damage due to Hurricane Michael during 2018.
Taxpayers must request preapproval electronically from the Department through the Georgia Tax Center during specific dates. The aggregate amount of tax credits allowed is $200 million. In the case of a partnership or S Corporation, the owners claim the refundable portion instead of the partnership or S Corporation. The credit can be sold to a Georgia taxpayer as provided in the regulation. The credit is not refundable for the purchaser of the timber tax credit.
The credit must be claimed on or before December 31, 2024.
Summary (Timber Tax 2025)
This is a refundable income tax credit for taxpayers that suffered damage due to Hurricane Helene during 2024.
Taxpayers must request preapproval electronically from the Department through the Georgia Tax Center during specific dates. The aggregate amount of tax credits allowed is $200 million. In the case of a partnership or S Corporation, the owners claim the refundable portion instead of the partnership or S Corporation. The credit can be sold to a Georgia taxpayer as provided in the regulation. The credit is not refundable for the purchaser of the timber tax credit.
The credit must be claimed on or before December 31, 2030.
Forms
IT-TIM-AP Complete online using GTC
IT-TIM-RPT Complete online using GTC