Georgia Revises Bona Fide Conservation Use Property to Include Carbon Sequestration

The Georgia Governor signed a law that includes: 1) revising the definition of bona fide conservation use property to include carbon sequestration; 2) permitting the combination of multiple covenants of a single owner into a single, new, ten-year covenant; 3) providing for the change of forest land use assessment property to current use assessment property after a transfer of ownership; and 4) providing an annual cap of $100 million for tax credits for qualified low-income buildings for taxable years 2026 through 2028. The law took effect on May 6. [S.B. 306, enacted 05/06/26]

This story was produced by Bloomberg Tax ...