Thursday, February 18, 2016

State House approves permanent exemption for boat dealers

Most business inventory in Georgia is subject to personal property taxes collected by counties and cities.  The state revenue code has previously exempted watercraft held in inventory for resale for a limited period of time.  The exemption has usually been authorized for a four-year time period; in other words, the exemption sunset after several years until it was renewed.

House Bill 769 would make the exemption permanent for boats held in inventory for sale or resale.  The bill is somewhat out of the ordinary because legislators have generally preferred putting an expiration date on most tax credits and exemptions over the last couple years.  But HB 769 was approved unanimously by the House last week and is now being considered by the Senate.

The bill would have no effect in Decatur since we have no boat dealers.  Individual boat owners in Decatur remain subject to an annual personal property tax bill from the City of Decatur and DeKalb County.

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