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HB 65 - Real estate transfer tax; certain instruments; amend provisions

Buck, III, Thomas B (135th)	Royal, A. Richard (164th)	Jamieson, Mary Jeanette (22nd)

Status Summary	HC:	W&M	SC:		FR:	01/13/99	LA:	01/14/99	H - Read 2nd Time

First Reader Summary

A BILL to amend Article 1 of Chapter 6 of Title 48 of the Official Code of Georgia Annotated, relating to the real estate transfer tax, so as to change certain provisions regarding applicability to certain instruments, deeds, or writings; and for other purposes.

Code Sections - 48-6-2/ 48-6-2

HB 65                                              LC 18 9126 
 
 
 
 
 
 
                        A BILL TO BE ENTITLED 
                               AN ACT 
 
 
  1- 1  To amend Article 1 of Chapter 6 of Title 48 of the Official 
  1- 2  Code of Georgia Annotated, relating to the real estate 
  1- 3  transfer tax, so as to change certain provisions regarding 
  1- 4  applicability to certain instruments, deeds, or writings; to 
  1- 5  repeal conflicting laws; and for other purposes. 
 
  1- 6       BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA: 
 
  1- 7                           SECTION 1. 
 
  1- 8  Article 1 of Chapter 6 of Title 48 of the Official Code of 
  1- 9  Georgia Annotated, relating to the real estate transfer tax, 
  1-10  is amended by striking Code Section 48-6-2, relating to 
  1-11  applicability of such tax to certain instruments, deeds, or 
  1-12  writings, which reads as follows: 
 
  1-13    "48-6-2. 
 
  1-14    (a) The tax imposed by Code Section 48-6-1 shall not apply 
  1-15    to: 
 
  1-16      (1) Any instrument or writing given to secure a debt; 
 
  1-17      (2) Any deed of gift; 
 
  1-18      (3) Any deed, instrument, or other writing to which any 
  1-19      of the following is a party: the United States; this 
  1-20      state; any agency, board, commission, department, or 
  1-21      political subdivision of either the United States or 
  1-22      this state; any public authority; or any nonprofit 
  1-23      public corporation; 
 
  1-24      (4) Any lease of lands, tenements, standing timber, or 
  1-25      other realty or any lease of any estate, interest, or 
  1-26      usufruct in any lands, tenements, standing timber, or 
  1-27      other realty; 
 
  1-28      (5) Any transfer of real estate between a husband and 
  1-29      wife in connection with a divorce case; 
 
  1-30      (6) Any order for year's support awarding an interest in 
  1-31      real property as provided in Code Section 53-5-11 of the 
 
 
 
                                 -1- 
 
 
 
  2- 1      'Pre-1998 Probate Code,' if applicable, or Code Section 
  2- 2      53-3-11 of the 'Revised Probate Code of 1998'; 
 
  2- 3      (7) Any deed issued in lieu of foreclosure if the deed 
  2- 4      issued in lieu of foreclosure is for a purchase money 
  2- 5      deed to secure debt that has been in existence and 
  2- 6      properly executed and recorded for a period of 12 months 
  2- 7      prior to the recording of the deed in lieu of 
  2- 8      foreclosure; 
 
  2- 9      (7.1) The deed from the debtor to the first transferee 
  2-10      at a foreclosure sale; 
 
  2-11      (8) Transfer of property which is acquired as provided 
  2-12      in Code Sections 32-3-2 and 32-3-3; 
 
  2-13      (9) Any deed of assent or distribution by an executor, 
  2-14      administrator, guardian, trustee, or custodian; any deed 
  2-15      or other instrument carrying out the exercise of a power 
  2-16      of appointment; and any other instrument transferring 
  2-17      real estate to or from a fiduciary; provided, however, 
  2-18      that the exemption provided under this paragraph shall 
  2-19      apply only if the transfer is without valuable 
  2-20      consideration; and 
 
  2-21      (10) Any deed, instrument, or other writing which 
  2-22      effects a division of real property among joint tenants 
  2-23      or tenants in common if the transaction does not involve 
  2-24      any consideration other than the division of the 
  2-25      property. 
 
  2-26    (b) In order to exercise any exemption provided in this 
  2-27    Code section, the total consideration of the transfer 
  2-28    shall be shown.", 
 
  2-29  and inserting in its place a new Code Section 48-6-2 to read 
  2-30  as follows: 
 
  2-31    "48-6-2. 
 
  2-32    (a) The tax imposed by Code Section 48-6-1 shall not apply 
  2-33    to: 
 
  2-34      (1) Any instrument or writing given to secure a debt; 
 
  2-35      (2) Any deed of gift; 
 
  2-36      (3) Any deed, instrument, or other writing to which any 
  2-37      of the following is a party: the United States; this 
  2-38      state; any agency, board, commission, department, or 
  2-39      political subdivision of either the United States or 
 
 
 
                                 -2- 
 
 
 
  3- 1      this state; any public authority; or any nonprofit 
  3- 2      public corporation; 
 
  3- 3      (4) Any lease of lands, tenements, standing timber, or 
  3- 4      other realty or any lease of any estate, interest, or 
  3- 5      usufruct in any lands, tenements, standing timber, or 
  3- 6      other realty; 
 
  3- 7      (5) Any transfer of real estate between a husband and 
  3- 8      wife in connection with a divorce case; 
 
  3- 9      (6) Any order for year's support awarding an interest in 
  3-10      real property as provided in Code Section 53-5-11 of the 
  3-11      'Pre-1998 Probate Code,' if applicable, or Code Section 
  3-12      53-3-11 of the 'Revised Probate Code of 1998'; 
 
  3-13      (7) Any deed issued in lieu of foreclosure if the deed 
  3-14      issued in lieu of foreclosure is for a purchase money 
  3-15      deed to secure debt that has been in existence and 
  3-16      properly executed and recorded for a period of 12 months 
  3-17      prior to the recording of the deed in lieu of 
  3-18      foreclosure; 
 
  3-19      (7.1) The deed from the debtor to the first transferee 
  3-20      at a foreclosure sale; 
 
  3-21      (8) Transfer of property which is acquired as provided 
  3-22      in Code Sections 32-3-2 and 32-3-3; 
 
  3-23      (9) Any deed of assent or distribution by an executor, 
  3-24      administrator, guardian, trustee, or custodian; any deed 
  3-25      or other instrument carrying out the exercise of a power 
  3-26      of appointment; and any other instrument transferring 
  3-27      real estate to or from a fiduciary; provided, however, 
  3-28      that the exemption provided under this paragraph shall 
  3-29      apply only if the transfer is without valuable 
  3-30      consideration; and 
 
  3-31      (10) Any deed, instrument, or other writing which 
  3-32      effects a division of real property among joint tenants 
  3-33      or tenants in common if the transaction does not involve 
  3-34      any consideration other than the division of the 
  3-35      property. 
 
  3-36    (b) In order to exercise any exemption provided in this 
  3-37    Code section, the total consideration of the transfer 
  3-38    shall be shown." 
 
 
 
 
 
 
                                 -3- 
 
 
 
  4- 1                           SECTION 2. 
 
  4- 2  All laws and parts of laws in conflict with this Act are 
  4- 3  repealed. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                 -4-