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HB 240 - Conservation use property; family owned farm entities

Tolbert, Scott (25th)	Rogers, Carl (20th)

Status Summary	HC:	W&M	SC:		FR:	01/27/99	LA:	01/28/99	H - Read 2nd Time

First Reader Summary

A BILL to amend Code Section 48-5-7.4 of the Official Code of Georgia Annotated, relating to bona fide conservation use property, so as to provide that certain family owned farm entities shall be a qualified owner for purposes of entering into conservation use covenants; and for other purposes.

HB 240                                             LC 25 1177 
 
 
 
 
 
 
                        A BILL TO BE ENTITLED 
                               AN ACT 
 
 
  1- 1  To amend Code Section 48-5-7.4 of the Official Code of 
  1- 2  Georgia Annotated, relating to bona fide conservation use 
  1- 3  property, so as to provide that certain family owned farm 
  1- 4  entities shall be a qualified owner for purposes of entering 
  1- 5  into conservation use covenants; to provide an effective 
  1- 6  date; to provide for applicability; to repeal conflicting 
  1- 7  laws; and for other purposes. 
 
  1- 8       BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA: 
 
  1- 9                           SECTION 1. 
 
  1-10  Code Section 48-5-7.4 of the Official Code of Georgia 
  1-11  Annotated, relating to bona fide conservation use property, 
  1-12  is amended by striking division (a)(1)(C)(iv) and inserting 
  1-13  in lieu thereof the following: 
 
  1-14          "(iv) A family owned farm entity such as a family 
  1-15          corporation, a family partnership, a family general 
  1-16          partnership, a family limited partnership, a family 
  1-17          limited corporation, or a family limited liability 
  1-18          company all of the controlling and at least 80 
  1-19          percent interest of which is owned by one or more 
  1-20          natural or naturalized citizens related to each 
  1-21          other within the fourth degree of civil reckoning, 
  1-22          an estate of which the devisees or heirs are one or 
  1-23          more natural or naturalized citizens, or a trust of 
  1-24          which the beneficiaries are one or more natural or 
  1-25          naturalized citizens and which family owned farm 
  1-26          entity derived 80 percent or more of its gross 
  1-27          income from bona fide conservation uses within this 
  1-28          state within the year immediately preceding the year 
  1-29          in which eligibility is sought and which family 
  1-30          owned farm entity does not own more than 3,000 acres 
  1-31          of tangible real property in this state; or" 
 
 
 
 
 
 
                                 -1- 
 
 
 
  2- 1                           SECTION 2. 
 
  2- 2  This Act shall become effective on July 1, 1999, and shall 
  2- 3  be applicable to all taxable years beginning on or after 
  2- 4  January 1, 2000. 
 
  2- 5                           SECTION 3. 
 
  2- 6  All laws and parts of laws in conflict with this Act are 
  2- 7  repealed. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                 -2-