06 LC 34
0682
House
Bill 1487
By:
Representatives Smith of the
129th,
Graves of the
12th,
May of the
111th,
and Rogers of the
26th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 32-10-109 of the Official Code of Georgia Annotated, relating
to the tax-exempt status of authority property and bonds, so as to add a
provision that the real and personal property of the State Road and Tollway
Authority shall be exempt from the sales and use tax; to provide for related
matters; to repeal conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 32-10-109 of the Official Code of Georgia Annotated, relating to the
tax-exempt status of authority property and bonds, is amended by striking said
Code section in its entirety and inserting in lieu thereof the
following:
"32-10-109.
It
is found, determined, and declared that the creation of the authority and the
carrying out of its corporate purpose are in all respects for the benefit of the
people of this state and that the authority is an institution of purely public
charity and will be performing an essential governmental function in the
exercise of the power conferred upon it by this article; and this state
covenants with the holders of the bonds that the authority shall not be required
to pay any taxes or assessments upon any of the property acquired or leased by
it or under its jurisdiction, control, possession, or supervision or upon its
activities in the operation or maintenance of the projects erected by it or upon
any fees, tolls, or other charges for the use of such projects or upon other
income received by the authority. The bonds of the authority, their transfer,
and the income therefrom shall at all times be exempt from taxation within this
state. The
tax exemption provided in this Code section shall include an exemption from
sales and use tax on property, personal, tangible, and real, purchased by the
authority or for use by the
authority."
SECTION
2.
This
Act shall become effective on July 1, 2006.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.