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GA HB386

Bill

Official Source

Status

Passed

4/19/2012

Primary Sponsor

Mickey Channell

Click for details

Origin

House of Representatives

2011-2012 Regular Session

AI Summary

  • Replaces annual ad valorem (property) taxes and sales taxes on motor vehicles titled on or after March 1, 2013, with a one-time state and local title ad valorem tax fee starting at 6.5% of fair market value (less trade-in), rising to 7% by 2015, with a maximum combined rate cap of 9%
  • Increases the personal income tax exemption for married couples filing jointly from $5,400 to $7,400 and freezes the retirement income exclusion at $35,000/$65,000 levels, eliminating the previously scheduled phase-in to full exclusion of retirement income by 2016
  • Overhauls conservation easement tax credits by capping individual credits at $250,000–$500,000, requiring appraisal review by the State Properties Commission, mandating Land Trust Accreditation Commission certification for nonprofit recipients beginning January 1, 2014, and imposing stricter requirements on donated property
  • Consolidates and replaces numerous individual sales tax exemptions for manufacturing machinery, agricultural equipment, energy, and industrial materials with two new broad exemptions covering manufacturers and qualified agriculture producers, while phasing in a full energy exemption for manufacturing over four years (2013–2016) and authorizing counties/municipalities to levy a local excise tax on manufacturing energy to offset lost local sales tax revenue
  • Expands the definition of "dealer" for sales tax collection purposes to capture online and remote sellers with in-state affiliates, referral agreements exceeding $50,000 in sales, or use of in-state warehouses and fulfillment centers, and provides limited-duration sales tax exemptions for back-to-school items and energy-efficient products

Legislative Description

Revenue and taxation; revenue structure; comprehensive revision

Last Action

Effective Date

4/19/2012

Committee Referrals

Committee on Special Joint Committee on Georgia Revenue Structure2/28/2011

Full Bill Text

No bill text available