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HB 0997 - Ad valorem tax; timber equipment and timber products held by timber producers; provide exemption

Tracking Level: Passed
Sponsor: Sam Watson
Last Action: 5/10/2022 - Effective Date 2022-05-10
House Committee: Ways and Means
Senate Committee: Finance

Staff Analysis of the Legislation

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SUMMARY:  LC 43 2167  LC 43 2338S

Provides for a statewide exemption from all ad valorem taxes for timber equipment. It adds definitions for timber equipment, timber producer, and timber products. It requires a statewide referendum on the November 2022 ballot.  The question would be:

Shall the Act be approved which grants a statewide exemption from ad valorem taxes for certain equipment used by timber producers in the production or harvest of timber?

 

EFFECTIVE DATE:

If it receives a 2/3 vote in each chamber and is passed by voters, it would be effective January 1, 2023 


Bill Summary from the State Site - Click for the State Summary Page / Click for Current Full Text