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GA HB1052
Bill
Status
Engrossed
2/29/2024
Primary Sponsor
Charles Cannon
Click for details
AI Summary
- Amends O.C.G.A. § 48-5-7.4 to create an exception to the rule that property leased to a person or entity not entitled to conservation use assessment is disqualified from bona fide conservation use property tax treatment
- Allows corporations, partnerships, limited partnerships, limited corporations, and LLCs registered with the Secretary of State to lease conservation use property without disqualifying it, provided they meet specified conditions
- Qualifying lessee entities must either: (A) be owned only by natural or naturalized citizens, have a primary purpose of agricultural or timber production, and derive 80% or more of gross income from bona fide conservation uses in Georgia; or (B) have at least one member with no less than a 25% ownership interest in the leased property who would independently be entitled to conservation use assessment
- Effective upon the Governor's approval and applicable to all taxable years beginning on or after January 1, 2025
Legislative Description
Revenue and taxation; limitation on leased property as to certain entities; remove
Last Action
Senate Read Second Time
3/13/2024
Committee Referrals
Finance3/4/2024
Ways and Means1/29/2024
Full Bill Text
No bill text available