05 LC 18
4021/AP
House
Bill 211 (AS PASSED HOUSE AND SENATE)
By:
Representatives Heard of the
104th,
Smith of the
129th,
Stephens of the
164th,
Burkhalter of the
50th,
Coan of the
101st,
and others
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Article 10 of Chapter 5 of Title 48 of the Official Code of Georgia
Annotated, relating to the ad valorem taxation of motor vehicles and mobile
homes, so as to provide that aircraft held in inventory for resale shall be
exempt from taxation; 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.
Article
10 of Chapter 5 of Title 48 of the Official Code of Georgia Annotated, relating
to the ad valorem taxation of motor vehicles and mobile homes, is amended by
adding at the end thereof a new Part 6 to read as follows:
"Part
6
48-5-504.20.
(a)
As used in this Code section, the term:
(1)
'Aircraft' means any vehicle which is self-propelled and which is capable of
flight.
(2)
'Dealer' means any person who is engaged in the business of selling aircraft at
retail.
(b)
Aircraft 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
aircraft for ad valorem taxation, determining the application rates for
taxation, and collecting the ad valorem taxes imposed on aircraft do not apply
to aircraft which is owned by a dealer and held in inventory for sale or resale.
Such aircraft 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 aircraft 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, 2006, and shall be applicable to all
taxable years beginning on or after that date.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.