Loading chat...

GA HR1115

Resolution

Official Source

Status

Introduced

2/13/2024

Primary Sponsor

Shaw Blackmon

Click for details

Origin

House of Representatives

2023-2024 Regular Session

AI Summary

  • Proposes an amendment to the Georgia Constitution (Article VII, Section I, Paragraph III) to allow qualified low-income housing projects to be classified as a separate class of property for ad valorem property tax purposes
  • Defines qualified low-income housing projects by reference to 26 U.S.C. Section 42(g)(1), the federal Low-Income Housing Tax Credit (LIHTC) statute
  • Authorizes the General Assembly to establish different tax rates, assessment methods, and assessment dates for these properties, distinct from other property classes
  • Adds low-income housing projects to the existing list of specially classified properties, which already includes trailers, certain mobile homes, and heavy-duty equipment motor vehicles owned by nonresidents
  • Requires submission to Georgia voters for ratification or rejection as a constitutional amendment, with ballot language specifying the proposed change

Legislative Description

Ad valorem tax; qualified low-income building projects may be classified as a separate class of property; provide - CA

Last Action

House Committee Favorably Reported

2/26/2024

Committee Referrals

Ways and Means2/15/2024

Full Bill Text

No bill text available