The Committee on Finance proposes the following amendment (LC-682.DG0001S):

Amend the bill, as and if amended, SECTION 1, by striking Section 12-6-3830(A)(1) and (2) and inserting:

(1) A taxpayer is allowed an income tax credit in an amount equal to one hundred percent of the taxpayer's timber casualty loss in a federally declared disaster area from Hurricane Helene which struck in September 2024. The credit amount shall not exceed the number of the taxpayer's affected acres of eligible timber property in the disaster areas multiplied by five hundred fifty dollars. The total calculated amount of the credit for the timber casualty loss must be reduced by any private insurance payments or Federal assistance received by the property owner for the same timber casualty loss. Any unused credit may be carried forward for the next five tax years.
  (2) Notwithstanding item (1), the maximum aggregate credit for all taxpayers in all tax years may not exceed twenty-five million dollars. The credit is allowed on a first come first served basis.If the total amount of credits claimed in a tax year exceeds the maximum amount, then the amount of each credit must be reduced proportionately based on the taxpayer's eligible timber casualty loss compared to all eligible timber casualty losses.

Renumber sections to conform.

Amend title to conform.