07 LC 18
6181
House
Bill 322
By:
Representatives Stephens of the
164th,
Royal of the
171st,
and Knight of the
126th
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 that
certain business aircraft 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
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.
(a)
As used in this Code section, the term 'business aircraft' means any aircraft
exceeding a minimum certified takeoff weight of 10,000 pounds or more used
primarily in the conduct of the owner´s business.
(b)
Business aircraft shall constitute a separate classification of tangible
property for ad valorem taxation purposes. The procedures prescribed in this
chapter for returning aircraft for ad valorem taxation, determining the
application rates for taxation, and collecting the ad valorem taxes imposed on
aircraft do not apply to business aircraft. For all taxable years beginning on
or after January 1, 2008, business aircraft shall not be returned for ad valorem
taxation, shall not be taxed, and no taxes shall be collected on such business
aircraft."
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laws and parts of laws in conflict with this Act are repealed.