State senators introduce TREES Act to help with timber recovery in Georgia after Hurricane Helene
In response to the widespread devastation of Hurricane Helene to Georgia's farming and timber industries, several state senators filed legislation to provide relief to those impacted by the storm's damage.
Senate Bill 52, the Timberlands Recovery, Exemption and Earnings Stability, or TREES, Act, would provide for economic relief and exemptions on taxes to those working in the Georgia timber industry.
According to the Georgia Forestry Commission, and cited by the state legislature, the timber industry saw as much as $1.3 billion in losses from Hurricane Helene as of November 2024.
Due to how long it takes for timber to provide any return on investment, as a result of the time it literally takes trees to grow, the Georgia General Assembly may provide grants, tax relief and other recovery assistance for those in the disaster areas.
[DOWNLOAD: Free WSB-TV News app for alerts as news breaks]
TRENDING STORIES:
Deadline to take federal buyout arrives, giving government staff final day to choose
Georgia Senate to vote on bill banning transgender students from girls' sports
Fulton Co. Commission extends maintenance contract at county jail
'It is the intent of the General Assembly to authorize local governing authorities to provide temporary tax relief from the taxes levied pursuant to Code 48-5-7.5 so that the timber industry, and the businesses and families that provide timber products to such industry, will realize a reduced cost for growing new product and recovering from the devastating effects of Hurricane Helene,' the bill text reads.
Under the provisions of the proposal, local governing authorities will be able to grant temporary tax relief for the end of 2024 and each quarter of 2025 to eligible businesses and families, insofar as the taxes that would be levied fro standing timber.
The tax relief allowed by the legislation would be 'paid from funds of the eligible governing authority to which the taxes were or were to have been paid,' the bill says.
To offset these costs, governing authorities will be able to offset the loss of revenue by requesting grants from the Georgia Tax Commissioner's office, citing the bill proposal.
The tax relief will not be able to exceed what the fair market value of harvested or sold timber would be, and the value of that must still be added to the local tax digests for calculation related to school funding, according to the legislative text.
If voted to pass by both the Georgia House of Representatives and the Georgia Senate, and then signed into law by Gov. Brian Kemp, the bill would take effect immediately, helping to provide relief to members of Georgia's timber industry.
[SIGN UP: WSB-TV Daily Headlines Newsletter]
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
2 hours ago
- Yahoo
‘Just unreal': Country music star, non-profit gift house to family who lost home in Helene
A non-profit, a country music star, and a knife company came together to provide a home to a family who lost their home in Hurricane Helene. The Pogalz family watched as their Yancey County home was washed away in Hurricane Helene. And six months later, they learned FEMA wasn't going to help cover their costs to rebuild. 'We make too much money for help, and that's not fair, because the hurricane didn't ask us how much money we made before it took everything,' Ashley Pogalz told Channel 9's Hannah Goetz. 'So why? Why does it matter how much we make? We need help.' The family shared their story with Goetz eight months ago as they hiked to safety from their home, and they caught the attention of a local non-profit. On Monday, Goetz joined them again as they hiked to receive a surprise from the non-profit We Must Protect. READ: 'We need help': Western N.C. family struggles to rebuild months after Helene At the top of the hill, the Pogalz family stood on land they newly purchased with FEMA funds and flood insurance. There stood country music singer and Buncombe County native Chase Rice and Montana Knife Company CEO Josh Smith with news for the family. 'We raised quite a bit of money,' Smith said. 'We raised enough money to build you guys a house.' And representatives with We Must Protect said they couldn't have done it with out support from the two. 'From the first day we met you all, we knew we wanted to build you a house, but our thing is we can't commit until we have the funding to finish the house,' one representative said. 'We are so grateful for what Chase and Montana Knife Company did because now we can build you the house that you need.' Goetz watched as the teary family said 'I love you' and exchanged hugs. 'There's so many different things that came together,' Rice said. 'I'd say the number one thing coming together was God, putting all these people together to make this family finally have a home.' The Pogalz family told Goetz they felt like they'd been slipping through the cracks and that they had no help. The family of six had been living in trailers, campers and two-bedroom rentals. 'I keep repeating, just unreal,' Danny Pogalz said. 'Never thought we would be in this kind of situation to begin with, and now, you know, we got knocked down, but now we're going to be ahead.' We Must Protect said they will be working in western North Carolina to build homes until there are no more left to build. Or their funding runs out. To participate in the Montana Knife Company's causes, visit their Come Hell or Highwater webpage. WATCH: 'We need help': Western N.C. family struggles to rebuild months after Helene
Yahoo
2 hours ago
- Yahoo
Applications for NC's Helene homebuilding program open soon. Uncertainties abound from feds & state
Households can begin applying to the Helene homebuilding program on June 16. (Dan) North Carolina's post-hurricane homebuilding program is set to begin accepting applicants next week, almost ten months after Helene deluged the western mountains. But as the critical program inches closer to reality, questions and moving pieces remain on all levels of government. Households can begin applying to the program on June 16, according to a slide deck presented to the governor's western North Carolina advisory committee. Applications will be open through the end of 2025. A key block of federal money has not yet been unlocked for the state to pay for the program. '[The U.S. Department of Housing & Urban Development] has not made the funding available for our purposes quite yet,' Matt Calabria, director of Gov. Josh Stein's western recovery office, said Monday. Once it is, he said, 'we'll begin assigning homes for construction shortly thereafter.' The homebuilding program will use $1.4 billion of 'community development block grant' federal dollars. North Carolina's plan for how they will use the money and conduct the program has been approved by HUD. State officials have set an initial timeline of three years, with the possibility of extension. The program will be heavily scrutinized, with state lawmakers wary of the state's prior struggles with homebuilding in the east after Hurricanes Matthew and Florence. North Carolina has tapped Horne, a Mississippi-based firm, to manage the program. State officials are in the process of selecting additional contractors, including those for construction. The next tranche of state relief funds remains in limbo as lawmakers negotiate the budget. The House has passed a separate bill with $464 million in new relief; it includes money for long-requested small business grants. The Senate, which passed its version of the budget first, opted to include relief money within their budget bill. It remains to be seen which approach will win out with the budget deadline approaching on June 30. In the meantime, advocates from western North Carolina have continued to urge lawmakers to approve relief as quickly as possible. A group of small business owners and local government leaders, hosted by Rep. Lindsey Prather (D-Buncombe) and western Democrats, came to the legislative building last week to speak to members. And on Monday, the NC Inclusive Disaster Recovery Network held a press conference in an effort to keep their communities at front of mind. 'It is getting harder and harder, each time we come to Raleigh, to hear the words 'don't worry, we're just getting started,'' said Sam Stites of Just Economics of Western North Carolina.
Yahoo
8 hours ago
- Yahoo
American Coastal Insurance Corporation (ACIC): A Bull Case Theory
We came across a bullish thesis on American Coastal Insurance Corporation (ACIC) on Miroslav Štěpánek's Substack. In this article, we will summarize the bulls' thesis on ACIC. American Coastal Insurance Corporation (ACIC)'s share was trading at $11.75 as of 4th June. ACIC's trailing P/E was 7.99 according to Yahoo Finance. An insurance agent at their desk consulting a customer about property & casualty insurance. American Coastal is a Florida-based property insurer that stands out in a typically commoditized industry due to its strategic niche, disciplined underwriting, and exposure to a high-premium market shaped by hurricane risk. Despite operating in a state where insurers have frequently gone bankrupt due to underpricing and fraud, American Coastal has maintained resilience through selective client screening and rigorous risk assessment, especially in its focus on residential-commercial properties with gardens. The company's 2022 combined ratio of 86.5%—even after Hurricane Ian—demonstrated its superior underwriting discipline. Trading at a 2024 P/E of 6.9 and boasting a high-teens free cash flow yield, the stock appears significantly undervalued. The company is now well-capitalized post-separation from UPC, with founder Daniel Peed still on the board despite stepping down as CEO. American Coastal is actively returning capital to shareholders via dividends and opportunistic buybacks and has initiated a $0.50/share dividend, reflecting confidence in its financial health. While core insurance operations are mature, modest organic growth is expected from Florida's demographic shifts, and a new MGU business could generate $20 million in annual profits over time. The hurricane risk remains real, but even recent storms like Helene and Milton only caused a modest financial impact, and major hurricanes may sustain high pricing. Investor sentiment remains cautious due to lingering concerns from its UPC past and weather-driven volatility, but those willing to look past episodic turbulence may find compelling upside. A conservative valuation model suggests potential returns of 2–3x over the next few years, making American Coastal a high-yield, asymmetric value play in a misunderstood niche. Previously, we covered a on RLI Corp. (RLI) by Serhio MaxDividends on Substack, operating within the same industry as ACIC, praising its 50-year dividend growth streak, robust underwriting, and strong balance sheet despite a dip in Q1 earnings. Miroslav Štěpánek's thesis on American Coastal Insurance Corporation (ACIC) offers a more contrarian angle, spotlighting a Florida-focused insurer with disciplined underwriting and a high cash flow yield. While RLI offers stability and long-term compounding, ACIC presents an asymmetric value bet with 2–3x upside potential for those willing to brave weather-driven volatility. American Coastal Insurance Corporation (ACIC) is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held ACIC at the end of the first quarter which was 18 in the previous quarter. While we acknowledge the risk and potential of ACIC as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock. Disclosure: None. This article was originally published at Insider Monkey.
