07 LC 18
5986
House
Bill 161
By:
Representatives Lunsford of the
110th,
Yates of the
73rd,
Ashe of the
56th,
Royal of the
171st,
and Floyd of the
147th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Titles 32 and 48 of the Official Code of Georgia Annotated, relating,
respectively, to highways, bridges, and ferries and revenue and taxation, so as
to provide for an additional method of right of way acquisition by the
Department of Transportation; to provide for income tax credits with respect to
qualified right of way acquisition; to provide for definitions; to provide for
conditions, limitations, and exclusions; to provide for authority of the state
revenue commissioner and the Department of Transportation with respect to the
foregoing; to provide for reassessment of property with respect to which a right
of way has been acquired; 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.
Title
32 of the Official Code of Georgia Annotated, relating to highways, bridges, and
ferries, is amended in Code Section 32-3-3, relating to acquisition of rights of
way or property for public road purposes, by adding a new subsection to read as
follows:
"(f)
In order to facilitate the acquisition of rights of way in the manner specified
under this Code section as economically as possible, the department may offer
the owner the option of receiving an income tax credit in accordance with the
specifications of Code Section 48-7-29.13. Such acquisition shall not be
consummated unless the acquisition serves the best interest of the public and
unless the right of way to be acquired is adequate for public road
purposes."
SECTION
2.
Title
48 of the Official Code of Georgia Annotated, relating to revenue and taxation,
is amended in Code Section 48-5-299, relating to ascertainment of taxable
property, by adding a new subsection to read as follows:
"(e)
In the event a right of way is acquired from a taxpayer, the subject parcel with
respect to which the right of way was granted shall be reassessed for ad valorem
tax purposes to determine a new fair market value and to revise, as necessary,
the description and characterization of such property in the filers and records
of the county board of tax assessors."
SECTION
3.
Said
title is further amended by adding a new Code section to read as
follows:
"48-7-29.13.
(a)
A taxpayer shall be allowed a state income tax credit against the tax imposed by
Code Section 48-7-20 or Code Section 48-7-21 if a right of way with respect to
property of the taxpayer has been acquired under subsection (f) of Code Section
32-3-3. Such credit shall be limited to an amount equal to the cash acquisition
cost offered to the taxpayer plus 20 percent of that cost.
(b)
No tax credit shall be allowed under this Code section unless the taxpayer files
with the taxpayer´s income tax return a copy of a certification by the
Department of Transportation that the right of way has been
acquired.
(c)
In no event shall the total amount of any tax credit under this Code section for
a taxable year exceed the taxpayer´s income tax liability. Any unused tax
credit shall be allowed to be carried forward to apply to the taxpayer´s
succeeding five years´ tax liability. No such tax credit shall be allowed
the taxpayer against prior years´ tax liability. The taxpayer shall not be
authorized to transfer any unused credit amount. In the event such property is
sold or transferred, any outstanding unused credit amount shall be
forfeited.
(d)
The commissioner shall promulgate any rules and regulations necessary to
implement and administer this Code section."
SECTION
4.
This
Act shall become effective upon its approval by the Governor or upon its
becoming law without such approval, and shall be applicable to all taxable years
beginning on or after January 1, 2008.
SECTION
5.
All
laws and parts of laws in conflict with this Act are repealed.