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GA SB85
Bill
Status
Engrossed
3/3/2015
Primary Sponsor
Brandon Beach
Click for details
AI Summary
- Revises the definition of "project" under Georgia's Development Authorities Law (O.C.G.A. Chapter 36-62) to broadly encompass acquisition, construction, modification, renovation, or rehabilitation of land, buildings, facilities, equipment, and other property for the development of trade, commerce, industry, and employment opportunities
- Allows projects to serve any industrial, commercial, business, office, parking, public, or other use, provided a majority of authority members adopt a resolution finding the project furthers the chapter's public purpose
- Removes the prior exception that made property leased for certain categories of projects (subparagraphs (J) and (K) of the old definition) subject to state and local taxation, thereby expanding the tax exemption for development authority property
- Maintains that the tax exemption does not extend to sales and use tax on property purchased by or for use by the authority
- Becomes effective upon the Governor's approval or upon becoming law without such approval
Legislative Description
Development Authorities; revise the definition of projects as applicable; modify the tax exemption
Last Action
House Passed/Adopted By Substitute
3/16/2016
Full Bill Text
No bill text available