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GA HB1360

Bill

Official Source

Status

Introduced

2/14/2022

Primary Sponsor

Will Wade

Click for details

Origin

House of Representatives

2021-2022 Regular Session

AI Summary

  • Repeals Georgia's intangible recording tax, which is levied on the recording of long-term notes secured by real property (Article 3 of Chapter 6, Title 48)
  • Repeals Code Section 50-10-7, which provided exemptions from intangible tax for certain notes related to the Georgia Development Authority
  • Removes references to the intangible recording tax from the Georgia Tax Tribunal's jurisdiction and procedural statutes (Code Sections 50-13A-9 and 50-13A-10)
  • Removes a cross-reference to intangible recording tax distribution requirements in Code Section 48-5-79, relating to prepayment of deferred taxes
  • Effective date of July 1, 2022, applying only to taxable transactions occurring on or after that date

Legislative Description

Revenue and taxation; repeal Article 3 of Chapter 6, relating to intangible recording tax

Last Action

House Second Readers

2/17/2022

Committee Referrals

Ways and Means2/15/2022

Full Bill Text

No bill text available