12 LC 34
3217
House
Bill 761
By:
Representatives Parsons of the
42nd,
Wilkinson of the
52nd,
Dollar of the
45th,
and Harbin of the
118th
A
BILL TO BE ENTITLED
AN ACT
To
amend Code Section 48-8-3 of the Official Code of Georgia Annotated, relating to
exemptions from state sales and use tax, so as to add an exemption with respect
to the sale or use by a government contractor of overhead materials for a
limited period of time; to provide for related matters; to provide for an
effective date; to repeal conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 48-8-3 of the Official Code of Georgia Annotated, relating to exemptions
from state sales and use tax, is amended by revising paragraph (58) as
follows:
"(58)
Repealed.(A)
Notwithstanding any provisions of this chapter to the contrary, sales to or use
by a government contractor of overhead materials in the performance of a
contract with the United States government to which title passes immediately to
the government under the terms of the contract.
(B)
As used in this paragraph, the term:
(i)
'Government contractor' means a person who enters into a contract with the
United States Department of Defense or the National Aeronautics and Space
Administration to sell services or tangible personal property, or both, for the
purpose of the national defense.
(ii)
'Overhead materials' means any tangible personal property used or consumed in
the performance of a contract between a government contractor and the United
States Department of Defense or the National Aeronautics and Space
Administration, the cost of which is charged to an expense account and allocated
to various United States government contracts based upon generally accepted
accounting principles and consistent with government contract accounting
standards. The term does not include tangible personal property that is
incorporated into real property construction.
(C)
This paragraph shall stand repealed on January 1,
2014;"
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laws and parts of laws in conflict with this Act are repealed.