07 HB 445/AP
House
Bill 445 (AS PASSED HOUSE AND SENATE)
By:
Representative Royal of the
171st
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Part 1 of Article 2 of Chapter 5 of Title 48 of the Official Code of
Georgia Annotated, relating to tax exemptions, so as to clarify an ad valorem
tax exemption for certain charitable institutions; to provide for an effective
date; to repeal conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Part
1 of Article 2 of Chapter 5 of Title 48 of the Official Code of Georgia
Annotated, relating to tax exemptions, is amended in Code Section 48-5-41,
relating to property exempt from ad valorem taxation, by revising paragraph (2)
of subsection (d) as follows:
"(2)
With respect to paragraph (4) of subsection (a) of this Code section,
real estate
or buildings which are
a building
which is owned by a charitable institution
that is
otherwise qualified as a purely public charity
and that is exempt from taxation under
Section 501(c)(3) of the federal Internal Revenue Code and
which building
is used by such charitable institution
exclusively
for the charitable purposes of such charitable
institution,
and not more than15 acres of land on which such building is
located, may be used for the purpose of
securing income so long as such income is used exclusively for the operation of
that charitable institution."
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laws and parts of laws in conflict with this Act are repealed.