Bill Text: GA HB1105 | 2009-2010 | Regular Session | Comm Sub

Georgia House Bill 1105 (Prior Session Legislation)

Bill Title: Watercraft held in inventory; exempt from taxation; provide

Spectrum: Partisan Bill (Republican 7-0)

Status: (Passed) 2011-01-01 - Effective Date [HB1105 Detail]

Download: Georgia-2009-HB1105-Comm_Sub.html

10 LC 18 9041S

House Bill 1105 (COMMITTEE SUBSTITUTE)

By: Representatives Channell of the 116th, Mills of the 25th, Rogers of the 26th, Stephens of the 164th, Harden of the 147th, and others

A BILL TO BE ENTITLED
AN ACT

To amend Part 7 of Article 10 of Chapter 5 of Title 48 of the Official Code of Georgia Annotated, relating to watercraft held in inventory, so as to provide that watercraft held in inventory for resale shall continue to be exempt from taxation for a limited period of time; to provide for definitions; to provide an effective date; to provide for applicability; to repeal conflicting laws; and for other purposes.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

SECTION 1.

Part 7 of Article 10 of Chapter 5 of Title 48 of the Official Code of Georgia Annotated, relating to watercraft held in inventory, is amended by revising Code Section 48-5-504.40 as follows:

"48-5-504.40.

(a) As used in this Code section, the term:

(1) 'Dealer' means any person who is engaged in the business of selling watercraft at retail.

(2) 'Watercraft' means any vehicle which is self-propelled or which is capable of self-propelled water transportation, or both.

(b) Watercraft which is owned by a dealer and held in inventory for sale or resale shall constitute a separate classification of tangible property for ad valorem taxation purposes. The procedures prescribed in this chapter for returning watercraft for ad valorem taxation, determining the application rates for taxation, and collecting the ad valorem taxes imposed on watercraft do not apply to watercraft which is owned by a dealer and held in inventory for sale or resale. For the period commencing January 1, 2009, and concluding December 31, 2010 2013, such watercraft which is owned by a dealer and held in inventory for sale or resale shall not be returned for ad valorem taxation, shall not be taxed, and no taxes shall be collected on such watercraft until it is transferred and then otherwise, if at all, becomes subject to taxation as provided in this chapter."

SECTION 2.

This Act shall become effective on January 1, 2011.

SECTION 3.

All laws and parts of laws in conflict with this Act are repealed.