07 LC 18
6433S
The
Senate Finance Committee offered the following substitute to HB
445:
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Title 48 of the Official Code of Georgia Annotated, relating to revenue
and taxation, so as to clarify an ad valorem tax exemption for certain
charitable institutions; to provide for the transfer, devise, and distribution
of unused conservation tax credits; to provide for procedures, conditions, and
limitations; to provide for related matters; to provide for effective dates; to
provide for applicability; to repeal conflicting laws; and for other
purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Title
48 of the Official Code of Georgia Annotated, relating to revenue and taxation,
is amended in Code Section 48-5-41, relating to property exempt from ad valorem
taxation, by revising paragraph (2) of subsection (d) as follows:
"(2)
With respect to paragraph (4) of subsection (a) of this Code section,
real estate
or buildings which are
a building
which is owned by a charitable institution
that is exempt from taxation under Section 501(c)(3) of the federal Internal
Revenue Code and used by such charitable institution
exclusively
for the charitable purposes of such charitable
institution,
and not more than15 acres of land on which such building is
located, may be used for the purpose of
securing income so long as such income is used exclusively for the operation of
that charitable institution."
SECTION
2.
Said
title is further amended in Code Section 48-7-29.12, relating to the income tax
credit for donation of real property for conservation purposes, by adding a new
subsection as follows:
"(d.1)
Any tax credits under this Code section earned by a taxpayer and previously
claimed but not used by such taxpayer against its income tax may be transferred
or sold in whole or in part by such taxpayer to another Georgia taxpayer,
subject to the following conditions:
(1)
The transferor shall submit to the department a written notification of any
transfer or sale of tax credits within 30 days after the transfer or sale of
such tax credits. The notification shall include such transferor´s tax
credit balance prior to transfer, the remaining balance after transfer, all tax
identification numbers for each transferee, the date of transfer, the amount
transferred, and any other information required by the department;
(2)
Failure to comply with this subsection shall result in the disallowance of the
tax credit until the taxpayer is in full compliance;
(3)
In no event shall the amount of the tax credit under this subsection claimed and
allowed for a taxable year exceed the transferee´s income tax liability.
Any unused credit may be carried forward to subsequent taxable years provided
that the transfer or sale of this tax credit does not extend the time in which
such tax credit can be used. The carry-forward period for tax credit that is
transferred or sold shall begin on the date on which the tax credit was
originally earned; and
(4)
A transferee shall have only such rights to claim and use the tax credit that
were available to the transferor at the time of the transfer. To the extent
that such transferor did not have rights to claim or use the tax credit at the
time of the transfer, the department shall either disallow the tax credit
claimed by the transferee or recapture the tax credit from the transferee. The
transferee´s recourse is against the transferor."
SECTION
3.
(a)
Except as otherwise provided in subsection (b) of this section, this Act shall
become effective upon its approval by the Governor or upon its becoming law
without such approval.
(b) Section 2 of this Act shall become effective on January 1, 2008, and shall apply to all taxable years beginning on or after January 1, 2008.
(b) Section 2 of this Act shall become effective on January 1, 2008, and shall apply to all taxable years beginning on or after January 1, 2008.
SECTION
4.
All
laws and parts of laws in conflict with this Act are repealed.