ATLANTA (November 19, 2018) | On Saturday, November 17, 2018, Sen. Larry Walker (R – Perry) carried House Bill 4EX, which will provide an income tax credit to timberland owners who lost trees due to Hurricane Michael. Sen. Walker also supported HB 1EX, the fiscal year 2019 amended budget that allocates $270 million in funds to impacted regions. Both HB 1EX and HB 4EX received unanimous approval in the Senate and were signed by Governor Nathan Deal.
“I was proud to carry HB 4EX and to support the passage of HB 1EX to help our state rebuild damaged areas and revitalize our state’s agriculture industry,” said Sen. Walker. “I know that many of us are saddened by the severe damage to parts of our district, as well as the widespread destruction in southwest Georgia. Helping our neighbors to the south isn’t just the right thing to do, it’s a necessity for those citizens and their livelihood. Our state’s agriculture and forestry industries were devastated with $2.5 billion worth of damage, but I know that these bills will help stabilize these industries. While southwest Georgia’s landscape will be changed for decades, I know that this legislation will have a direct and immediate impact on the region.”
HB 4EX allows timberland owners in the 28 counties outlined in the Governor’s Nov. 6, 2018 disaster relief order to apply for an income tax credit worth 100 percent of timberland’s value lost to Hurricane Michael. The income tax credit has a cap of $200 million and the credit would be capped at $400 per eligible acre of qualified timberland.
HB 1EX was carried by Sen. Jack Hill (R – Reidsville) and amends the Fiscal Year 2019 budget to include an appropriation of $270 million which will be utilized in Southwest Georgia where Hurricane Michael left a path of destruction resulting in damage to infrastructure, state owned properties and farmland.
To read more on HB 4EX, visit this link: http://www.legis.ga.gov/Legislation/en-US/display/2018EX/HB/4
To read more on HB 1EX, visit this link: http://www.legis.ga.gov/Legislation/en-US/display/2018EX/HB/1
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For Immediate Release:
Nov. 19, 2018
Elisabeth Fletcher, Communications Specialist
ines.owens@senate.ga.gov
404.656.0028