Georgia House of Representatives - 1995/1996 Sessions

HB 9 - Intangible personal property tax; change certain rate provisions

Page Numbers - 1/ 2/ 3

Code Sections - 48-6-23

1. Buck  135th


House Comm:            /                Senate Comm:            /                                   
House Vote: Yeas       Nays             Senate Vote: Yeas     Nays                                  
              ----------------------------------------                                              
               House          Action         Senate                                                 
              ----------------------------------------                                              
              ----------------------------------------                                              
                                                                                                    
Code Sections amended: 48-6-23                                                                      


HB 9                                              LC 18 6391






                        A BILL TO BE ENTITLED
                               AN ACT


  1- 1  To amend Article 2 of Chapter 6 of Title 48 of the Official
  1- 2  Code of Georgia Annotated, relating to intangible personal
  1- 3  property tax, so as to change certain provisions regarding
  1- 4  the rate of such tax; to provide an effective date; to
  1- 5  provide for applicability; to repeal conflicting laws; and
  1- 6  for other purposes.

  1- 7       BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

                         SECTION 1.

  1- 8  Article 2 of Chapter 6 of Title 48 of the Official Code of
  1- 9  Georgia Annotated, relating to intangible personal property
  1-10  tax, is amended by striking Code Section 48-6-23, relating
  1-11  to the rate of tax levied on intangible personal property,
  1-12  and inserting in its place a new Code Section 48-6-23 to
  1-13  read as follows:

  1-14    "48-6-23. (Index)

  1-15    (a) A property tax is levied annually as of January 1 of
  1-16    each year at the following rates:

  1-17      (1) Ten cents upon each $1,000.00 of the fair market
  1-18      value of all All personal property classified for
  1-19      taxation as intangible personal property in Code Section
  1-20      48-6-21, including all restricted foreign intangibles.
  1-21      The tax is not levied by this paragraph on intangible
  1-22      personal property classified as collateral security
  1-23      loans, long-term notes secured by real estate, or
  1-24      stocks, bonds, and debentures; except for restricted
  1-25      foreign intangibles which are taxed in this paragraph
  1-26      and not otherwise;:

  1-27          If Fair Market Value Is:           The Tax Is:

  1-28      Not over $1 million ............ 10› upon each $1,000.00
                                     of fair market value





                                 -1- (Index)

                                                  LC 18 6391

  2- 1           Over $1 million  but  not over
  2- 2           $2 million ................ $100.00 plus 5› upon
                                     each $1,000.00 of fair
                                     market value over
                                     $1 million

  2- 3      Over $2 million ................ $150.00 plus 2.5› upon
                                     each $1,000.00 of fair
                                     market value over
                                     $2 million

  2- 4      (2) Twenty-five cents upon each $1,000.00 of the fair
  2- 5      market value of all All collateral security loans;:

  2- 6          If Fair Market Value Is:           The Tax Is:

  2- 7      Not over $1 million ............ 25› upon each $1,000.00
                                     of fair market value
  2- 8           Over $1 million but not over
  2- 9           $2 million ................ $250.00 plus 12.5› upon
                                     each $1,000.00 of
                                     fair market value
                                     over $1 million

  2-10      Over $2 million ................ $375.00 plus 6.25› upon
                                     each $1,000.00 of fair
                                     market value over
                                     $2 million

  2-11      (3) One dollar upon each $1,000.00 of the fair market
  2-12      value of all All stocks in all corporations except those
  2-13      specifically exempted by law; and:

  2-14          If Fair Market Value Is:           The Tax Is:

  2-15      Not over $1 million ............ $1.00 upon each
                                     $1,000.00 of fair
                                     market value
  2-16           Over $1 million but not over
  2-17           $2 million ................ $1,000.00 plus 50› upon
                                     each $1,000.00 of fair
                                     market value over
                                     $1 million

  2-18      Over $2 million ................ $1,500.00 plus 25› upon
                                     each $1,000.00 of fair
                                     market value over
                                     $2 million

  2-19      (4) One dollar upon each $1,000.00 of the fair market
  2-20      value of all All bonds and debentures of all


                                 -2- (Index)

                                                  LC 18 6391

  3- 1      corporations.  The tax rate upon notes of corporations,
  3- 2      other than long-term notes secured by real estate, shall
  3- 3      be the rate specified in paragraph (1) of subsection (a)
  3- 4      of this Code section, regardless of the maturity date of
  3- 5      any such note or notes.:

  3- 6          If Fair Market Value Is:           The Tax Is:

  3- 7      Not over $1 million ............ $1.00 upon each
                                     $1,000.00 of fair
                                     market value
  3- 8           Over $1 million but not over
  3- 9           $2 million ................ $1,000.00 plus 50› upon
                                     each $1,000.00 of fair
                                     market value over
                                     $1 million

  3-10      Over $2 million ................ $1,500.00 plus 25› upon
                                     each $1,000.00 of fair
                                     market value over
                                     $2 million

  3-11    (b) Long-term notes secured by real estate, as defined in
  3-12    Article 3 of this chapter, shall be recorded and taxed as
  3-13    provided in Article 3 of this chapter."

                         SECTION 2.

  3-14  This Act shall become effective on January 1, 1996, and
  3-15  shall be applicable to all taxable years beginning on or
  3-16  after that date.

                         SECTION 3.

  3-17  All laws and parts of laws in conflict with this Act are
  3-18  repealed.
















                                 -3- (Index)