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HB 29 - Ad valorem tax; exempt certain small business inventory

West, Jack (101st)

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First Reader Summary

A BILL to amend Code Section 48-5-41 of the Official Code of Georgia Annotated, relating to property exempt from taxation, so as to provide such an exemption for certain small business inventory; and for other purposes.

HB 29                                              LC 26 0926 
 
 
 
 
 
 
                        A BILL TO BE ENTITLED 
                               AN ACT 
 
 
  1- 1  To amend Code Section 48-5-41 of the Official Code of 
  1- 2  Georgia Annotated, relating to property exempt from 
  1- 3  taxation, so as to provide such an exemption for certain 
  1- 4  small business inventory; to provide for a special election; 
  1- 5  to provide for applicability; to provide for effective 
  1- 6  dates; to provide for a referendum; to provide for automatic 
  1- 7  repeal under certain circumstances; to repeal conflicting 
  1- 8  laws; and for other purposes. 
 
  1- 9       BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA: 
 
  1-10                           SECTION 1. 
 
  1-11  Code Section 48-5-41 of the Official Code of Georgia 
  1-12  Annotated, relating to property exempt from taxation, is 
  1-13  amended by striking in its entirety paragraph (10) of 
  1-14  subsection (a) and inserting in lieu thereof a new paragraph 
  1-15  (10) to read as follows: 
 
  1-16      "(10) Reserved Stock-in-trade of retailers whose gross 
  1-17      receipts in the prior fiscal year did not exceed 
  1-18      $500,000.00;". 
 
  1-19                           SECTION 2. 
 
  1-20  Unless prohibited by the federal Voting Rights Act of 1965, 
  1-21  as amended, the Secretary of State shall call and conduct a 
  1-22  special election as provided in this section for the purpose 
  1-23  of submitting this Act to the electors of the State of 
  1-24  Georgia for approval or rejection.  The Secretary of State 
  1-25  shall conduct that special election on the date of the 
  1-26  November, 2000, general election.  The Secretary of State 
  1-27  shall issue the call and conduct that special election as 
  1-28  provided by general law.  The Secretary of State shall cause 
  1-29  the date and purpose of the special election to be published 
  1-30  once a week for two weeks immediately preceding the date 
  1-31  thereof in the official organ of each county in the state. 
  1-32  The ballot shall have written or printed thereon the words: 
 
 
 
 
                                 -1- 
 
 
 
  2- 1    "(  ) YES Shall the Act be approved which exempts from 
  2- 2     (  ) NO  ad valorem taxation the stock-in-trade of 
  2- 3              retailers whose gross receipts in the prior 
  2- 4              fiscal year did not exceed $500,000.00?" 
 
  2- 5  All persons desiring to vote for approval of the Act shall 
  2- 6  vote "Yes," and those persons desiring to vote for rejection 
  2- 7  of the Act shall vote "No."  If more than one-half of the 
  2- 8  votes cast on such question are for approval of the Act, 
  2- 9  Section 1 of this Act shall become of full force and effect 
  2-10  on January 1, 2001, and shall apply to all taxable years 
  2-11  beginning on or after such date.  If the Act is not so 
  2-12  approved or if the election is not conducted as provided in 
  2-13  this section, Section 1 of this Act shall not become 
  2-14  effective and this Act shall be automatically repealed on 
  2-15  the first day of January immediately following that election 
  2-16  date. 
 
  2-17                           SECTION 3. 
 
  2-18  Except as provided in Section 2 of this Act, this Act shall 
  2-19  become effective upon its approval by the Governor or upon 
  2-20  its becoming law without such approval. 
 
  2-21                           SECTION 4. 
 
  2-22  All laws and parts of laws in conflict with this Act are 
  2-23  repealed. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                 -2-