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HB 364 - Ad valorem tax; exempt small business inventory

Stephens, Ron (150th)	Irvin, Robert A (45th)	Stancil, Steve (16th)
Pinholster, Garland (15th)	Graves, David B (125th)	Sauder, Randy (29th)

Status Summary	HC:	W&M	SC:		FR:	02/01/99	LA:	02/02/99	H - Read 2nd Time

First Reader Summary

A BILL to amend Part 1 of Article 2 of Chapter 5 of Title 48 of the Official Code of Georgia Annotated, relating to ad valorem tax exemptions, so as to provide for an exemption for all tangible personal property consisting of inventory of a small business taxpayer; and for other purposes.

Code Sections - 48-5-41.2

HB 364                                             LC 18 9360 
 
 
 
 
 
 
                        A BILL TO BE ENTITLED 
                               AN ACT 
 
 
  1- 1  To amend Part 1 of Article 2 of Chapter 5 of Title 48 of the 
  1- 2  Official Code of Georgia Annotated, relating to ad valorem 
  1- 3  tax exemptions, so as to provide for an exemption for all 
  1- 4  tangible personal property consisting of inventory of a 
  1- 5  small business taxpayer; to provide for applicability; to 
  1- 6  provide for effective dates; to provide for a special 
  1- 7  election; to repeal conflicting laws; and for other 
  1- 8  purposes. 
 
  1- 9       BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA: 
 
  1-10                           SECTION 1. 
 
  1-11  Part 1 of Article 2 of Chapter 5 of Title 48 of the Official 
  1-12  Code of Georgia Annotated, relating to ad valorem tax 
  1-13  exemptions, is amended by adding a new Code section 
  1-14  immediately following Code Section 48-5-41.1 to be 
  1-15  designated Code Section 48-5-41.2, to read as follows: 
 
  1-16    "48-5-41.2. 
 
  1-17    All tangible personal property consisting of inventory of 
  1-18    a small business taxpayer shall be exempt from all ad 
  1-19    valorem taxation." 
 
  1-20                           SECTION 2. 
 
  1-21  Unless prohibited by the federal Voting Rights Act of 1965, 
  1-22  as amended, the Secretary of State shall call and conduct an 
  1-23  election as provided in this section for the purpose of 
  1-24  submitting this Act to the electors of the State of Georgia 
  1-25  for approval or rejection.  The Secretary of State shall 
  1-26  conduct that election on the date of the November, 2000, 
  1-27  state-wide general election.  The Secretary of State shall 
  1-28  issue the call and conduct that special election as provided 
  1-29  by general law.  The Secretary of State shall cause the date 
  1-30  and purpose of the special election to be published in the 
  1-31  official organ of each county in the state once a week for 
  1-32  two weeks immediately preceding the date of the referendum. 
  1-33  The ballot shall have written thereon the following: 
 
 
 
                                 -1- 
 
 
 
  2- 1    "(  ) YES Shall the Act be approved which grants an 
  2- 2              exemption from ad valorem taxation on 
  2- 3     (  ) NO  inventory of a small business taxpayer?" 
 
  2- 4  All persons desiring to vote for approval of the Act shall 
  2- 5  vote "Yes," and those persons desiring to vote for rejection 
  2- 6  of the Act shall vote "No."  If more than one-half of the 
  2- 7  votes cast on such question are for approval of the Act, 
  2- 8  then Section 1 of this Act shall become effective on January 
  2- 9  1, 2001, and shall apply to all taxable years beginning on 
  2-10  or after that date.  If Section 1 of this Act is not so 
  2-11  approved or if the election is not conducted as provided in 
  2-12  this section, Section 1 of this Act shall not become 
  2-13  effective and this Act shall be automatically repealed on 
  2-14  the first day of January immediately following that election 
  2-15  date. 
 
  2-16                           SECTION 3. 
 
  2-17  Except as otherwise provided in Section 2 of this Act, this 
  2-18  Act shall become effective upon its approval by the Governor 
  2-19  or upon its becoming law without such approval. 
 
  2-20                           SECTION 4. 
 
  2-21  All laws and parts of laws in conflict with this Act are 
  2-22  repealed. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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