Each week, we will outline new bills that have been introduced in either the House or the Senate that we are tracking that may impact community banks in Georgia. As the bills proceed through the process, we will provide updates to you and outline any important changes that are made to the bill as they occur. For your reference, we have a tracking document that can be accessed at anytime on our website that will show ALL legislation that is moving through the legislative process with bills we are tracking/monitoring highlighted for your convenience.
H.B. 63 was introduced in the House by Rep. Shaw Blackmon (R), Bonaire. The bill relates to
alternative ad valorem tax on motor vehicles and revises the definition of fair market value of the motor vehicle to exclude certain interest and financing charges for leased motor vehicles. The bill was assigned to the Ways & Means Committee.
H.B. 29 was introduced in the House by Rep. Dar'shun Kendrick (D), Lithonia. The bill looks to require the Office of Planning and Budget (OPB) to prepare and publish an annual report on Georgia’s wealth. The bill as assigned to the Appropriations Committee. We will be monitoring this bill to determine where OPB would gather this information from and if this would place any undue burden on our banks.
H.B. 74 was introduced in the House by Rep. Dale Washburn (R), Macon. The bill looks to add language related to the unlawful transfer of deed or title of a property from one person to another without the property owner's knowledge or consent. The bill was assigned to the Judiciary Non-Civil Committee.
S.B. 1 was introduced in the Senate by Sen. Dean Burke (R), Bainbridge. The bill relates to the review of tax credits filed by any entity. The bill was assigned to the Finance Committee. The bill outlines a long list of Code Sections that could potentially be impacted. Given the scope of this legislation, we will be monitoring the bill to make sure there is no material impact to our community banks or their small business customers.
S.B. 6 was introduced in the Senate by Sen. John Albers (R), Roswell. The bill provides for an economic analysis for exemption, exclusion, or deduction from the base of a tax; credit against a tax; deferral of a tax; a rebate of taxes paid; tax abatement; or, preferential tax rate. The bill was assigned to the Finance Committee.