07 LC 28
3364
House
Bill 289
By:
Representatives Roberts of the
154th,
Freeman of the
140th,
Williams of the
178th,
Sims of the
119th,
Hatfield of the
177th,
and others
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Article 11 of Chapter 5 of Title 48 of the Official Code of Georgia
Annotated, relating to ad valorem taxation of public utilities, so as to provide
an exemption for eligible expenses for maintenance, repairs, and improvements of
a railroad equipment company´s railroad cars; to provide for related
matters; to provide for a referendum; to provide for effective dates; to repeal
conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Article
11 of Chapter 5 of Title 48 of the Official Code of Georgia Annotated, relating
to ad valorem taxation of public utilities, is amended by adding a new Code
section to read as follows:
"48-5-519.1.
(a)
As used in this Code section, the term:
(1)
'Eligible expenses' means any expenses including labor, materials, and overhead
incurred in this state to maintain, repair, or improve a railroad equipment
company´s railroad cars. The term shall also include payments made in this
state to third parties to maintain, repair, or improve a railroad equipment
company´s railroad cars.
(2)
'Railroad equipment company' means any person owning, leasing, furnishing, or
operating any kind of railroad cars on any railroad in this state. The term
shall not include a railroad company operating a railroad.
(b)
A railroad equipment company shall be allowed an exemption with respect to the
tax under Code Section 48-5-519 in an amount equal to 100 percent of its
eligible expenses incurred during the immediately preceding taxable
year.
(c)
The commissioner shall promulgate such rules and regulations as may be necessary
for the administration of this Code section including, but not limited to, forms
and procedures for documenting and claiming such exemption."
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 election as provided by general law.
The Secretary of State shall cause the date and purpose of the 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 election. The ballot shall have
written or printed thereon the words:
|
"( ) YES
( ) NO
|
Shall
the Act be approved that grants an exemption from ad valorem taxation to
railroad equipment companies for expenses incurred in this state for the
maintenance, repair, or improvement of their railroad cars?
|
All
persons desiring to vote for approval of the Act shall vote "Yes," and those
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 shall become effective on January 1, 2009, and shall apply to all
taxable years beginning on and after that date. If the 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.