Bill Text: GA HB374 | 2009-2010 | Regular Session | Comm Sub

Georgia House Bill 374 (Prior Session Legislation)

Bill Title: Income tax; withholding tax; seller subject to documentation requirements; provide

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2010-02-11 - House Committee Favorably Reported [HB374 Detail]

Download: Georgia-2009-HB374-Comm_Sub.html

09 LC 18 8136S

The House Committee on Ways and Means offers the following substitute to HB 374:

A BILL TO BE ENTITLED
AN ACT

To amend Code Section 48-7-128 of the Official Code of Georgia Annotated, relating to withholding tax on sale or transfer of real property and associated tangible personal property by nonresidents, so as to provide that the person listed on the closing statement as the seller shall be treated as the seller and shall be subject to the withholding and documentation requirements; to provide for related matters; to provide an effective date; to repeal conflicting laws; and for other purposes.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

SECTION 1.

Code Section 48-7-128 of the Official Code of Georgia Annotated, relating to withholding tax on sale or transfer of real property and associated tangible personal property by nonresidents, is amended by adding a new paragraph (3) of subsection (b) as follows:

"(3) The person or entity identified as the seller on the settlement statement shall be considered the seller for all purposes regarding this Code section, including, but not limited to, executing and delivering to the buyer or transferee all forms or other documents incident to determining the appropriate amount of tax to be withheld or the appropriate amount exempt from withholding requirements."

SECTION 2.

This Act shall become effective upon its approval by the Governor or upon its becoming law without such approval.

SECTION 3.

All laws and parts of laws in conflict with this Act are repealed.