10 LC
33 3374
House
Bill 996
By:
Representatives May of the
111th,
Roberts of the
154th,
McCall of the
30th,
England of the
108th,
and Peake of the
137th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Article 10A of Chapter 5 of Title 48 of the Official Code of Georgia
Annotated, relating to ad valorem taxation of heavy-duty equipment motor
vehicles, so as to change the partial exemption from ad valorem taxation of
heavy-duty equipment motor vehicles to a tax credit; to provide for related
matters; 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.
Article
10A of Chapter 5 of Title 48 of the Official Code of Georgia Annotated, relating
to ad valorem taxation of heavy-duty equipment motor vehicles, is amended by
revising Code Section 48-5-506.1, relating to a partial exemption from ad
valorem taxation of heavy-duty equipment motor vehicles, as
follows:
"48-5-506.1.
(a)
As used in this Code section, the term:
(1)
'Heavy-duty equipment motor vehicle' means an off-road vehicle with all its
attachments and parts which is self-propelled, weighs 5,000 pounds or more, and
is primarily designed and used exclusively for utility services and maintenance,
earth moving, construction, industrial, maritime, or mining uses, provided that
such motor vehicles are not required to be registered and have a license
plate.
(2)
'Natural person or entity' means a natural person or entity that has purchased a
heavy-duty equipment motor vehicle. Such term shall not include any publicly
traded
company, any
cooperative, or any publicly owned
utility.
(b)
For the period of time commencing on January 1, 2010, and concluding at the last
moment of December 31, 2010, the provisions of this Code section shall supersede
and control over any contrary provision of this article.
(c)
The provisions of this article or Part 2 of Article 10 of this chapter, as
applicable, shall apply to any or all of the following and this Code section
shall not apply to any or all of the following:
(1)
Publicly traded companies;
(2)
Heavy-duty equipment motor vehicle dealers; and
(3)
Natural persons or entities in the year of purchase of a heavy-duty equipment
motor vehicle.
(d)(1)
A natural person or entity, or any combination of natural persons and entities
with common ownership interests, who owns one or more heavy-duty equipment motor
vehicles is granted
an
exemption on that person's or entity's heavy-duty equipment motor vehicles in
the amount of the full value of such heavy-duty equipment motor vehicles up to a
maximum amount of $100,000.00 per taxable year.
(2)
The value of heavy-duty equipment motor vehicles in excess of such exempted
amount shall remain subject to taxation under either the provisions of this
article or Part 2 of Article 10 of this chapter, as
applicable
a credit
against the ad valorem taxes otherwise due on said heavy-duty equipment motor
vehicles up to a maximum tax credit of $100,000.00. This credit shall be
effective state wide and shall be applied pro rata according to amounts due if
ad valorem tax is owed in more than one county. All taxes paid after the tax
credit has been applied shall be dispensed at the same percentage rate as the
original tax amount would have been
dispensed.
(e)
This Code section is repealed in its entirety at the last moment of December 31,
2010."
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.