08 LC 18
6773/AP
House
Bill 1046 (AS PASSED HOUSE AND SENATE)
By:
Representatives Mills of the
25th,
Stephens of the
164th,
Channell of the
116th,
Rogers of the
26th,
Royal of the
171st,
and others
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Part 7 of Article 10 of Chapter 5 of Title 48 of the Official Code of
Georgia Annotated, relating to watercraft held in inventory, so as to provide
that watercraft held in inventory for resale shall continue to 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.
Part
7 of Article 10 of Chapter 5 of Title 48 of the Official Code of Georgia
Annotated, relating to watercraft held in inventory, is amended by revising Code
Section 48-5-504.40 as follows:
"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
2009,
and concluding December 31,
2008
2010,
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, 2009.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.