07 LC 18
5996
House
Bill 124
By:
Representatives Stephens of the
164th,
Day of the
163rd,
Tumlin of the
38th,
Sims of the
169th,
Martin of the
47th,
and others
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Part 1 of Article 2 of Chapter 5 of Title 48 of the Official Code of
Georgia Annotated, relating to ad valorem tax exemptions, so as to provide for
an exemption for all tangible personal property constituting the inventory of a
business; to provide for applicability; to provide for effective dates; to
provide for a special election; to repeal conflicting laws; and for other
purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Part
1 of Article 2 of Chapter 5 of Title 48 of the Official Code of Georgia
Annotated, relating to ad valorem tax exemptions, is amended by adding a new
Code section to read as follows:
"48-5-41.2.
All
tangible personal property constituting the inventory of a business shall be
exempt from all ad valorem taxation."
SECTION
2.
Unless
prohibited by the federal Voting Rights Act of 1965, as amended, the Secretary
of State shall call and conduct an election as provided in this section for the
purpose of submitting this Act to the electors of the State of Georgia for
approval or rejection. The Secretary of State shall conduct that election on
the date of the November, 2008, state-wide general election. The Secretary of
State shall issue the call and conduct that special election as provided by
general law. The Secretary of State shall cause the date and purpose of the
special election to be published in the official organ of each county in the
state once a week for two weeks immediately preceding the date of the
referendum. The ballot shall have written thereon the following:
|
"( ) YES
( ) NO
|
Shall
the Act be approved which grants an exemption from ad valorem taxation on
inventory of a business?"
|
All
persons desiring to vote for approval of the Act shall vote "Yes," and all
persons desiring to vote for rejection of the Act shall vote "No." If more than
one-half of the votes cast on such question are for approval of the Act, then
Section 1 of this Act shall become effective on January 1, 2009, and shall
apply to all taxable years beginning on or after that date. If Section 1 of
this Act is not so approved or if the election is not conducted as provided in
this section, Section 1 of this Act shall not become effective and this Act
shall be automatically repealed on the first day of January immediately
following that election date.
SECTION
3.
Except
as otherwise provided in Section 2 of this Act, this Act shall become effective
upon its approval by the Governor or upon its becoming law without such
approval.
SECTION
4.
All
laws and parts of laws in conflict with this Act are repealed.