10
LC 38 1072
House
Bill 1249
By:
Representatives Lunsford of the
110th,
Stephens of the
164th,
and Graves of the
12th
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 ad valorem tax exemptions, so as to provide for
an exemption from local ad valorem taxes assessed on certain tangible real
property for certain businesses providing new jobs; to provide for
qualifications for such businesses; to provide for procedures for the approval
for such exemptions; to provide for related matters; 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 ad valorem tax exemptions, is amended by revising Code
Section 48-5-48.2, relating to freeport exemption, by adding a new paragraph to
subsection (a) and a new subsection to read as follows:
"(2.1)
'Job creating business project' means any business project designated by the
Department of Economic Development to be a business project that will create no
less than 50 jobs for the county or municipal governing authority providing an
ad valorem exemption pursuant to this Code
section."
"(b.1)(1)
The governing authority of any county or municipality may, subject to the
approval of the electors of such political subdivision, provide an exemption
from ad valorem taxation for a period of three years, including all such taxes
levied for educational purposes, for all inventory goods subject to an ad
valorem exemption pursuant to subsection (b) of this Code section to a job
creating business project.
(2)
To be designated a job creating project a person shall submit an application to
the Department of Economic Development. Such application shall include the city
or county in which the person wishes to propose the job creating project. If
the Department of Economic Development approves such application and designates
the project a job creating business project, the Department of Economic
Development shall forward the application with the details of such project to
the governing authority of the city or county in which the job creating project
is proposed to be constructed. The governing authority for the city or county
in which the job creating business project is proposed to be constructed shall
vote whether to approve the project and to put to the voters in such city or
county a ballot question to approve the ad valorem tax exemption provided for
pursuant to this subsection. If such city or county approves the job creating
business project and votes to put the job creating business project to the
voters, a referendum shall be conducted pursuant to this Code section to approve
the ad valorem tax exemption provided pursuant to this subsection for such job
creating business project.
(3)
The Commissioner of the Department of Economic Development shall by regulation
adopt uniform criteria, procedures, and forms regarding the application process
for job creating business
projects."
SECTION
2.
All
laws and parts of laws in conflict with this Act are repealed.