(a) As used in this Code section, the term:
(1) "Dealer" means any person who is engaged in the business of selling watercraft at retail.
(2) "Watercraft" means any vehicle which is self-propelled or which is capable of self-propelled water transportation, or both.
(b) Watercraft owned by a dealer and held in inventory for sale or resale shall constitute a separate classification of tangible property for ad valorem taxation purposes. The procedures prescribed in this chapter for returning watercraft for ad valorem taxation, determining the application rates for taxation, and collecting the ad valorem taxes imposed on watercraft do not apply to watercraft owned by a dealer and held in inventory for sale or resale. For the period commencing January 1, 2016, and concluding December 31, 2019, such watercraft owned by a dealer and held in inventory for sale or resale shall not be returned for ad valorem taxation and shall not be taxed, and no taxes shall be collected on such watercraft until it is transferred and then otherwise, if at all, becomes subject to taxation as provided in this chapter.
Section: 48-5-504.40Last modified: October 14, 2016