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GA HB981
Bill
Status
Engrossed
2/25/2016
Primary Sponsor
Brett Harrell
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AI Summary
- Amends Georgia's property tax exemption for nonprofit homes for the mentally disabled to allow for-profit corporations to participate in indirect ownership through an LLC or limited partnership solely for the purpose of financing construction or renovation, without disqualifying the home from the tax exemption
- Requires that for-profit participants be involved only to receive federal Low-Income Housing Tax Credits under IRC Section 42 and must relinquish all ownership upon completion of their financing obligation
- Treats indirect ownership of a home for the mentally disabled through a limited liability company fully owned by a qualifying exempt organization as equivalent to direct ownership for purposes of the exemption
- Requires a statewide referendum on the Tuesday following the first Monday in November 2016; the substantive provisions take effect January 1, 2017, only if approved by more than half of voters
- Automatically repeals the Act on the first day of January following the election if voters reject it or the referendum is not conducted as required
Legislative Description
Taxation; certain for profit corporations to participate in the indirect ownership of a home for the mentally disabled for primarily financing purpose; allow
Last Action
Senate Read and Referred
2/26/2016
Full Bill Text
No bill text available