hb271.html
07 LC 18 6040
House Bill 271
By: Representative Powell of the 29th

A BILL TO BE ENTITLED
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 be exempt from taxation; 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, and concluding December 31, 2008 all taxable years beginning on or after January 1, 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, 2008.

SECTION 3.
All laws and parts of laws in conflict with this Act are repealed.