06 LC 18
5297S/AP
House
Bill 1249 (AS PASSED HOUSE AND SENATE)
By:
Representatives Reece of the
27th,
Stephens of the
164th,
Channell of the
116th,
Rogers of the
26th,
Mills of the
25th,
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 watercraft held in inventory for resale shall 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.
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 7 to read as follows:
"Part
7
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, 2007, and concluding December 31,
2008, 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, 2007.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.