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HB 176 - Bona fide conservation use prop; ownership qualifications

Royal, A. Richard (164th)	Buck, III, Thomas B (135th)

Status Summary	HC:	W&M	SC:	F&PU	FR:	01/25/99	LA:	04/28/99	Signed by Governor

First Reader Summary

A BILL to amend Code Section 48-5-7.4 of the Official Code of Georgia Annotated, relating to bona fide conservation use property, so as to change certain provisions regarding property ownership qualifications; and for other purposes.

HB 176                                             LC 18 9079 
 
 
 
 
 
 
                        A BILL TO BE ENTITLED 
                               AN ACT 
 
 
  1- 1  To amend Code Section 48-5-7.4 of the Official Code of 
  1- 2  Georgia Annotated, relating to bona fide conservation use 
  1- 3  property, so as to change certain provisions regarding 
  1- 4  property ownership qualifications; to repeal conflicting 
  1- 5  laws; and for other purposes. 
 
  1- 6       BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA: 
 
  1- 7                           SECTION 1. 
 
  1- 8  Code Section 48-5-7.4 of the Official Code of Georgia 
  1- 9  Annotated, relating to bona fide conservation use property, 
  1-10  is amended by striking division (a)(1)(C)(iv) and inserting 
  1-11  in its place a new division (a)(1)(C)(iv) to read as 
  1-12  follows: 
 
  1-13          "(iv) A family owned farm entity such as a family 
  1-14          corporation, a family partnership, a family general 
  1-15          partnership, a family limited partnership, a family 
  1-16          limited corporation, or a family limited liability 
  1-17          company all of the interest of which is owned by one 
  1-18          or more natural or naturalized citizens related to 
  1-19          each other within the fourth degree of civil 
  1-20          reckoning, an estate of which the devisees or heirs 
  1-21          are one or more natural or naturalized citizens, or 
  1-22          a trust of which the beneficiaries are one or more 
  1-23          natural or naturalized citizens and which family 
  1-24          owned farm entity derived 80 percent or more of its 
  1-25          gross income from bona fide conservation uses within 
  1-26          this state within the year immediately preceding the 
  1-27          year in which eligibility is sought and which family 
  1-28          owned farm entity does not own more than 3,000 acres 
  1-29          of tangible real property in this state; or". 
 
  1-30                           SECTION 2. 
 
  1-31  All laws and parts of laws in conflict with this Act are 
  1-32  repealed. 
 
 
 
 
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