HR1503: HR1503 General Assembly; expend or authorize expenditure of public funds for Georgia Property Tax Fairness Fund; provide by law - CA

26 LC 59 0393 House Resolution 1503 By: Representative Clark of the 108th A RESOLUTION Proposing an amendment to the Constitution of the State of Georgia so as to provide that the1 General Assembly shall be authorized to provide by law to expen d or authorize the2 expenditure of public funds for the Georgia Property Tax Fairness Fund without the need for3 benefit in return; to create the Georgia Property Tax Fairness Fund to reduce the income tax4 liability and ad valorem tax liability of taxpayers residing in qualifying homes; to increase5 the cap on benefits granted pursuant to the Homeowner's Incenti ve Adjustment clause; to6 authorize the General Assembly to provide by general law for lo cal grant and adjustment7 programs; to provide for related matters; to provide for submis sion of this amendment for8 ratification or rejection; and for other purposes.9 BE IT RESOLVED BY THE GENERAL ASSEMBLY OF GEORGIA:10 SECTION 1.11 Article III, Section VI, Paragr aph VI of the Constitution is amended by redesignating the12 second subparagraph (g), relating to a program of indemnification for certain state highway13 employees, as subparagraph (h) and by adding a new subparagraph to read as follows:14 "(i) The General Assembly is authorized to provide by law and may expend or authorize15 the expenditure of public funds for the state or any political subdivision or instrumentality16 thereof to institute provisions relating to the Georgia Propert y Tax Fairness Fund, to17 H. R. 1503 - 1 - 26 LC 59 0393 provide that such fund shall not be subject to any limitations of debt provided for in this18 Constitution, to provide that amounts on deposit in the fund shall not constitute property19 of the state, to provide that it shall not be commingled with state funds, and to provide that20 the state shall not have claim or interest in such funds other than for reasonable fees and21 charges assessed for administration costs."22 SECTION 2.23 Article III, Section IX, Paragraph VI of the Constitution is am ended by adding a new24 subparagraph to read as follows:25 "(s) The General Assembly is authorized to provide by general law for the creation of a26 Georgia Property Tax Fairness Fund from which collections on hi gh-technology data27 centers and the insurance premium tax shall be credited against the income tax liability of28 taxpayers residing in qualifying homes across this state. Such credits against income tax29 liability shall be refundable and may exceed the income tax liability of a taxpayer residing30 in a qualifying home. The General Assembly is authorized to appropriate moneys to such31 fund, and moneys so appropriated shall not lapse as would otherwise be required pursuant32 to Article III, Section IX, Paragraph IV(c) and shall not be su bject to the provisions of33 Article VII, Section III, Paragraph II(a). The General Assembly may provide by general34 law for the administration of such fund by such state agency or public authority as the35 General Assembly shall determine. The General Assembly may further provide by general36 law for a definition of 'qualifying homes' and any other terms necessary to effectuate the37 purposes of this subparagraph."38 SECTION 3.39 Article VII, Section IIA of the Constitution is amended by revising Paragraph I as follows:40 "Paragraph I. State and local grants; adjustment amount. (a) For each taxable year, a41 homeowner's incentive adjustment may be applied to the return of each taxpayer claiming42 H. R. 1503 - 2 - 26 LC 59 0393 such state-wide homestead exemption as may be specified by gene ral law. The General43 Assembly by general law may authorize local governments and loc al school systems to44 appropriate local tax funds in support of local homeowners' incentive adjustments.45 (b) The amount of such adjustment the adjustment applied pursuant to subparagraph (a)46 of this Paragraph may provide a taxpayer with a benefit equivalent to a homestea d47 exemption of up to $18,000.00 $150,000.00 of the assessed value of a taxpayer's homestead48 or the taxpayer's ad valorem property tax liability on the homestead, whichever is lower. 49 The General Assembly may appropriate such amount each year for grants to local50 governments and school districts as homeowner tax relief grants.51 (c) The adjustments and grants authorized by this Paragraph shall be made in such52 manner and shall be subject to the procedures and conditions as may be specified by53 general law heretofore or hereafter enacted."54 SECTION 4.55 The above proposed amendment to the Constitution shall be publi shed and submitted as56 provided in Article X, Section I, Paragraph II of the Constitution. The ballot submitting the57 above proposed amendment shall have written or printed thereon the following:58 "( ) YES59 60 ( ) NO 61 62 63 64 65 Shall the Constitution of Georgia b e amended so as to create th e Georgia Property Tax Fairness Fund for the purpose of reducing the inco me tax liability of taxpayers residing in qualifying homes without the n e e d f o r benefit in return and revise the Homeowner's Incentive Adjustme nt clause to provide property tax relief to homeowners by authorizing local grants and adjustments and by increasing the current cap on benefits provi ded to homeowners?" All persons desiring to vote in favor of ratifying the proposed amendment shall vote "Yes." 66 All persons desiring to vote against ratifying the proposed amendment shall vote "No." If67 H. R. 1503 - 3 - 26 LC 59 0393 such amendment shall be ratified as provided in said Paragraph of the Constitution, it shall68 become a part of the Constitution of this state.69 H. R. 1503 - 4 -