HB 729 was introduced by Representative Debra Bazemore (D), South Fulton. The bill relates to land installment contracts that would be filed in the superior court. A land installment contract means an agreement under which the seller agrees to sell an interest in property to the purchaser and the purchaser agrees to pay the purchase price in five or more subsequent payments exclusive of any down payment and the seller retains title to the property as security for the purchasers obligation under the agreement. This would include agreements that are leases with the option to buy. The bill was assigned to the House Judiciary Committee.
HB 762 was introduced by Representative John Carson (R), Marietta. This bill relates to the exemption from state income tax and provides a deduction from the Georgia net taxable income of corporations for assessments paid by a taxpayer that were imposed on such taxpayer pursuant to the Federal Deposit Insurance Act. Under the Tax Cut and Jobs Act of 2017 (“TCJA”), banks with more than $10 billion in assets were limited in the amount of the FDIC insurance assessments that would be deductible as a business expense on such banks’ federal taxes. As we understand the bill, if passed, banks with more than $10 billion in total assets would regain the ability to deduct the full amount of their FDIC insurance assessments from their taxable income at the state level, in the same manner as before the TCJA went into effect. Banks below this asset threshold will continue to be permitted to deduct the full amount of their FDIC insurance assessment as a business expense at both the state and federal level. This bill was assigned to the House Ways & Means Committee.
HB 768 was introduced by Representative Sandra Scott (D), Rex. This bill relates to rights, privileges, and prohibitions regarding military personnel and provides that it is against public policy to discriminate in housing based on a person’s status as a current or former member of the armed forces in the United States. This bill was assigned to the House Judiciary Committee.
HB 769 was introduced by Representative Sandra Scott (D), Rex. This bill relates to Veteran's education and provides for graduate education and housing assistance for certain disabled veterans. This bill was assigned to the House Defense and Veterans Affairs Committee.
HB 776 was introduced by Representative Billy Mitchell (D), Stone Mountain. This bill relates to mortgages, conveyances to secure debt and liens and provide protections for military service members in the event of foreclosures or other proceedings to enforce secured obligations. This bill was assigned to the House Judiciary Committee.
HB 785 was introduced by Representative Joseph Gullett (R), Dallas, This bill would provide for electronic notaries and remote online notaries. The bill would revise the powers of the Georgia Superior Court Clerks’ Cooperative Authority to provide rules and regulations for electronic notaries. While CBA supports the topic of electronic notaries, we will be reviewing the bill and the specific language included within the bill to determine if there are any potential detrimental impacts from the bill. The bill was assigned to the House Judiciary Committee. CBA will continue to monitor this bill as it progresses.
EVP, Chief of Staff, Government & Regulatory Relations