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We introduce a family of novel image regularization penalties called generalized higher degree total variation (HDTV). These penalties further extend our previously introduced HDTV penalties, which generalize the popular total variation (TV) penalty to incorporate higher degree image derivatives. We show that many of the proposed second degree extensions of TV are special cases or are closely approximated by a generalized HDTV penalty. Additionally, we propose a novel fast alternating minimization algorithm for solving image recovery problems with HDTV and generalized HDTV regularization. The new algorithm enjoys a tenfold speed up compared with the iteratively reweighted majorize minimize algorithm proposed in a previous paper. Numerical experiments on 3D magnetic resonance images and 3D microscopy images show that HDTV and generalized HDTV improve the image quality significantly compared with TV.