Try changing the macro to this
Code:
Sub UpdateIntakeDate()
Dim rng As Range, cel As Range, lr As Long
With Sheets("Sheet1")
lr = .Cells(.Rows.Count, "G").End(xlUp).Row
If lr < 5 Then Exit Sub
Set rng = .Range("G5:G" & lr)
For Each cel In rng
If cel <> "" Then
If Date >= DateAdd("yyyy", 1, cel) Then
cel = DateAdd("yyyy", 1, cel)
End If
End If
Next cel
End With
End Sub