HR 830 - Ad valorem tax; exempt certain retail inventory - CA

First Reader Summary

A RESOLUTION proposing an amendment to the Constitution so as to provide for an exemption for certain tangible personal property consisting of the retail inventory of a small business taxpayer; and for other purposes.

Page Numbers - 1/ 2

HR 830                                             LC 18 8461 
 
 
 
 
 
 
                             A RESOLUTION 
 
  1- 1  Proposing an amendment to the Constitution so as to provide 
  1- 2  for an exemption for certain tangible personal property 
  1- 3  consisting of the retail inventory of a small business 
  1- 4  taxpayer; to provide for conditions and limitations; to 
  1- 5  provide for reimbursement of lost revenue; to provide for 
  1- 6  the submission of this amendment for ratification or 
  1- 7  rejection; and for other purposes. 
 
  1- 8       BE IT RESOLVED BY THE GENERAL ASSEMBLY OF GEORGIA: 
 
  1- 9                           SECTION 1. 
 
  1-10  Article VII, Section II of the Constitution is amended by 
  1-11  adding a new Paragraph VI at the end thereof to read as 
  1-12  follows: 
 
  1-13      "Paragraph VI. Retail inventory; exemption.  All 
  1-14    tangible personal property consisting of the retail 
  1-15    inventory of a small business taxpayer shall be exempt 
  1-16    from all ad valorem taxation if the actual fair market 
  1-17    value of that inventory owned by such taxpayer within the 
  1-18    county, as determined by the board of tax assessors, does 
  1-19    not exceed $100,000.00.  The value of such property in 
  1-20    excess of such exempted amount shall remain subject to 
  1-21    taxation.  The General Assembly shall by general law 
  1-22    provide for a manner of reimbursing local governments for 
  1-23    revenue lost as a result of such exemption." 
 
  1-24                           SECTION 2. 
 
  1-25  The above proposed amendment to the Constitution shall be 
  1-26  published and submitted as provided in Article X, Section I, 
  1-27  Paragraph II of the Constitution. 
 
  1-28  The ballot submitting the above proposed amendment shall 
  1-29  have written or printed thereon the following: 
 
  1-30    "(  ) YES Shall the Constitution be amended so as to 
  1-31              grant an exemption from ad valorem taxation on 
  1-32     (  ) NO  the retail inventory of a small business 
  1-33              taxpayer which does not exceed $100,000.00?" 
 
 
 
 
                                 -1- 
 
 
 
  2- 1  All persons desiring to vote in favor of ratifying the 
  2- 2  proposed amendment shall vote "Yes."  All persons desiring 
  2- 3  to vote against ratifying the proposed amendment shall vote 
  2- 4  "No." 
 
  2- 5  If such amendment shall be ratified as provided in said 
  2- 6  Paragraph of the Constitution, it shall become a part of the 
  2- 7  Constitution of this state. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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