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03 LC 18 2040
House Bill 77
By: Representatives Buck of the 112th and Royal of the 140th
By: Representatives Buck of the 112th and Royal of the 140th
A BILL TO BE
ENTITLED
AN ACT
AN ACT
To amend Chapter 6 of Title 48 of the Official Code of
Georgia Annotated, relating to taxation of intangibles, so as to change certain
provisions regarding the real estate transfer tax; to provide an effective date;
to repeal conflicting laws; and for other purposes.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF
GEORGIA:
SECTION 1.
SECTION 1.
Chapter 6 of Title 48 of the Official Code of Georgia
Annotated, relating to taxation of intangibles, is amended by striking Code
Section 48_6_1, relating to the real estate transfer tax, and inserting in its
place a new Code Section 48_6_1 to read as
follows:
"48_6_1.
There is imposed a tax at the rate of $1.00 for the first $1,000.00 or fractional part of $1,000.00 and at the rate of 10¢ for each additional $100.00 or fractional part of $100.00 on each deed, instrument, or other writing by which any lands, tenements, or other realty sold is granted, assigned, transferred, or otherwise conveyed to or vested in the purchaser or purchasers, or any other person or persons by his or their direction, when the consideration or value of the interest or property conveyed (exclusive of the value of any lien or encumbrance existing prior to the sale and not removed by the sale) exceeds $100.00."
"48_6_1.
There is imposed a tax at the rate of $1.00 for the first $1,000.00 or fractional part of $1,000.00 and at the rate of 10¢ for each additional $100.00 or fractional part of $100.00 on each deed, instrument, or other writing by which any lands, tenements, or other realty sold is granted, assigned, transferred, or otherwise conveyed to or vested in the purchaser or purchasers, or any other person or persons by his or their direction, when the consideration or value of the interest or property conveyed (exclusive of the value of any lien or encumbrance existing prior to the sale and not removed by the sale) exceeds $100.00."
SECTION 2.
This Act shall become effective upon its approval by the
Governor or upon its becoming law without such approval.
SECTION 3.
All laws and parts of laws in conflict with this Act are
repealed.