05 LC 18
3968
House
Bill 117
By:
Representative O`Neal of the
146th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Chapter 6 of Title 48 of the Official Code of Georgia Annotated, relating
to taxation of intangibles, so as to change certain provisions regarding the
real estate transfer tax; to provide an effective date; to repeal conflicting
laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Chapter
6 of Title 48 of the Official Code of Georgia Annotated, relating to taxation of
intangibles, is amended by striking Code Section 48-6-1, relating to the real
estate transfer tax, and inserting in its place a new Code Section 48-6-1 to
read as follows:
"48-6-1.
There
is imposed a tax at the rate of $1.00 for the first $1,000.00 or fractional part
of $1,000.00 and at the rate of 10¢ for each additional $100.00 or
fractional part of $100.00 on each deed, instrument, or other writing by which
any lands, tenements, or other realty sold is granted, assigned, transferred, or
otherwise conveyed to or vested in the purchaser or purchasers, or any other
person or persons by his or their direction, when the consideration or value of
the interest or property conveyed (exclusive of the value of any lien or
encumbrance existing prior to the sale and not removed by the sale) exceeds
$100.00."
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laws and parts of laws in conflict with this Act are repealed.