Georgia House approves $200M timber tax credit
ATLANTA (AP) - The state House has approved a $200 million tax credit to encourage timber growers to replant acreage ravaged by Hurricane Michael.
The House voted 157-2 Thursday to approve the tax credit sought by Gov. Nathan Deal during a special legislative session. The credit will be allowed for growers of commercial timber and pecan orchards damaged or destroyed by the storm in October.
State officials estimate the tax credit would cost $75 million in the 2020 fiscal year that starts July 1, then $95 million the following fiscal year. The credits would be capped at $200 million total.
The measure must also pass the state Senate.