Georgia State and Local Tax (SALT) Alerts
State and Local Tax Insights
Timber Tax Credit Amendment | Upcoming Tax Deadlines
- The Georgia Dept. of Revenue has amended the Timber Tax Credit. The amendment, effective Oct. 23, 2019, relates to the replanting or restoration of timber for which timber casualty losses were incurred. A taxpayer must report when 90% of timber is replanted or restored. The report must include the actual diminution of value for the restored acres and for nonrestored acres with the projected yield at maturity of the replanted timber. The information must be submitted electronically through the Georgia Tax Center when the taxpayer completes the replanting or restoration. Until the taxpayer submits the required reporting, the credit can’t be sold by the taxpayer.
- The Georgia Dept. of Revenue (GDOR) is reminding taxpayers of various upcoming tax filing deadlines. Taxpayers who needed additional time to file their individual income taxes, corporate taxes, or partnership taxes from the original April 15, 2019, deadline must file by Tuesday, Oct. 15, 2019. The GDOR said taxpayers should follow all instructions on their respective tax forms and are encouraged to file electronically to ensure both the accuracy of the return and to expedite the processing of the return. Contact us with any questions.