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Committee approves amendment, reopens reforestation tax-credit program with $250M cap
Summary
The Ways & Means Committee approved an amendment and passed the substitute for Senate Bill 59 to renew the reforestation tax-credit program and raise the aggregate cap to $250 million; the amendment sets application-acceptance and award-notice timing for the Department of Revenue.
The House Ways & Means Committee passed a substitute for Senate Bill 59 and an implementing amendment that reopens a reforestation tax-credit program and raises its aggregate cap to $250 million so applicants affected by recent hurricane damage can be fully served.
Representative Whit Burchett described the substitute as a renewal and expansion of an earlier program and said reopening the application process with a $250 million cap would ensure applicants impacted by the hurricane are made whole. Committee members noted some applicants had missed prior application windows while rebuilding their homes and farms.
Vice Chairman Kelly proposed amendment language that directs the Department of Revenue (or the commissioner, as existing code phrases the obligation) to begin accepting applications for any remaining credits no later than July 31, 2026, and to issue notices of award within 45 days of submission. Committee members discussed the difference between 'accepting' and 'processing' applications; Department of Revenue staff present (identified as Joe) indicated that 'accepting' was appropriate. The committee approved the amendment by voice vote and then approved the amended substitute for SB59 by voice vote; Representative Osteen was identified as the floor carrier.
The amendment adds concrete timing obligations intended to ensure fair handling of previously delayed or missed applications. The transcript records voice votes for both the amendment and final passage; no roll-call tallies were recorded in the committee transcript.
Provenance: The transcript contains the presentation of the substitute, discussion of timing language and the Department of Revenue's input, the amendment voice vote, and the final passage of the amended substitute.
