Georgia Provides Income, Sales, Property Tax Relief for Hurricane Helene

The Georgia Governor signed the Timberlands Recovery, Exemption, and Earnings Stability (TREES) Act. The law includes: 1) excluding from the calculation of taxable net income certain disaster relief or assistance grant program payments and crop insurance proceeds for agricultural losses suffered due to Hurricane Helene; 2) authorizing certain local governing authorities to provide temporary tax relief from ad valorem taxes levied for the harvest or sale of standing timber from eligible timber property that was severely damaged or destroyed in certain disaster areas; 3) providing for refundable income tax credits for certain timber producers based on certain casualty losses related ...