08 LC 18
7573S
The
Senate Finance Committee offered the following substitute to HB
948:
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Article 1 of Chapter 8 of Title 48 of the Official Code of Georgia
Annotated, relating to state sales and use tax, so as to change certain
provisions regarding state sales and use tax; to provide for an exemption with
respect to the sale of certain school supplies, clothing, footwear, computers,
and computer related accessories for a limited period of time; to provide for an
exemption from sales and use tax with respect to certain sales of certain energy
efficient products for a limited period of time; to change provisions relating
to deductions of bad debts by persons reporting on an accrual basis; to provide
for claims to be filed by certain affiliated groups; to change certain
provisions regarding limitations on the state revenue commissioner´s
authority to make certain distributions; to provide for related matters; 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
1 of Chapter 8 of Title 48 of the Official Code of Georgia Annotated, relating
to state sales and use tax, is amended in Code Section 48-8-3, relating to
exemptions from state sales and use tax, by revising subparagraph (A) of
paragraph (75) as follows:
"(75)(A)
The sale of any covered item. The exemption provided by this paragraph shall
apply only to sales occurring during a period commencing at 12:01 A.M. on
August 2,
2007
July 31,
2008, and concluding at 12:00 Midnight on
August 5,
2007
August 3,
2008."
SECTION
2.
Said
article is further amended in Code Section 48-8-3, relating to exemptions from
state sales and use tax, by revising subparagraph (A) of paragraph (82) as
follows:
"(82)(A)
Purchase of energy efficient products with a sales price of $1,500.00 or less
per product purchased for noncommercial home or personal use. The exemption
provided by this paragraph shall apply only to sales occurring during a period
commencing at 12:01 A.M. on
October 4,
2007
October 2,
2008, and concluding at 12:00 Midnight on
October 7,
2007
October 5,
2008."
SECTION
3.
Said
article is further amended in Code Section 48-8-45, relating to sales and use
tax reporting of sales and deductibility of bad debts, by revising subsection
(c) into two subsections as follows:
"(c)
Any person reporting on the accrual basis of accounting shall be allowed a
deduction for bad debts under rules and regulations of the commissioner on the
same basis that bad debts are allowed as a deduction on state income tax
returns.
(d)
In the case
of an
An
assignee of
private
label credit card debt purchased directly
from a dealer without
recourse,
the assignee reporting on the accrual basis of
accounting or a credit card bank which
extends such credit to customers under a private label credit card program shall
be allowed a deduction for
bad
private
label credit card
bad
debts under rules and regulations of the commissioner on the same basis that
bad
private
label credit card
bad
debts are allowed as a deduction on state income tax returns.
An issuer or
assignee of private label credit card debt may claim its deduction for private
label credit card bad debts on a return filed by a member of an affiliated group
as defined under 26 U.S.C. Section
1504."
SECTION
4.
Said
article is further amended in Code Section 48-8-67, relating to distributions of
unidentifiable sales and use tax proceeds, by revising subsection (h) as
follows:
"(h)
The authority of the commissioner to make distributions pursuant to this Code
section shall cease on December 31,
2007
2009,
unless such authority is extended by a subsequent general Act of the General
Assembly."
SECTION
5.
(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 3 of this Act shall become effective July 1, 2008.
(b) Section 3 of this Act shall become effective July 1, 2008.
SECTION
6.
All
laws and parts of laws in conflict with this Act are repealed.