O.C.G.A. TITLE 48 Chapter 6 GEORGIA CODE Copyright 2011 by The State of Georgia All rights reserved.

*** Current Through the 2010 Regular Session *** *** Annotations Current Through March 14, 2011 *** TITLE 48. REVENUE AND TAXATION CHAPTER 6. TAXATION OF INTANGIBLES O.C.G.A. TITLE 48 Chapter 6 (2011)

Table Of Contents O.C.G.A. Title 48 Chapter 6 Article 1 48-6-1. Transfer tax rate 48-6-2. Exemption of certain instruments, deeds, or writings from real estate transfer tax; requirement that consideration be shown 48-6-3. Persons required to pay real estate transfer tax 48-6-4. Payment of tax prerequisite to filing deed, instrument, or other writing; certification of payment; recording certification with deed 48-6-5. Clerks of superior courts responsible for tax collecting; fees 48-6-6. Annual report of tax distribution 48-6-7. Refund of erroneously or illegally collected tax; procedure for filing claim; action for refund in superior court upon denial of claim; manner of paying refund 48-6-8. Distribution of tax revenues among state and other tax jurisdictions and districts. 48-6-9. Failure to collect, account for, and pay over tax imposed by article; penalty 48-6-10. Evasion of tax imposed by article; penalty O.C.G.A. TITLE 48 Chapter 6 Article 2 48-6-20 through 48-6-44 O.C.G.A. TITLE 48 Chapter 6 Article 3 48-6-60. Definitions 48-6-61. Filing instruments securing long-term notes; procedure; intangible recording tax; rate; maximum tax 48-6-62. Certification of payment of tax; effect of filing instrument prior to payment; alternate procedure for filing new or modified note secured by previously recorded instrument 48-6-63. Ad valorem taxation of short-term notes secured by real estate; rate; exemptions 48-6-64. Tax imposed on long-term and short-term notes secured by realty exclusive; Code section not to be construed as income tax exemption Page 15 Page 16 Page 15 Page 9 Page 10 Page 10 Page 11 Page 12 Page 13 Page 14 Page 14 Page 8 Page 9 Page 9 Page 7 Page 7 Page 5 Page 6 Page 6

48-6-65. Extension, transfer, assignment, modification, or renewal of instrument; exemption for amount of note refinanced 48-6-66. Showing correct amount and due date on instruments encumbering or conveying real estate 48-6-67. Violation of Code Section 48-6-66; penalty 48-6-68. Bond for title in absence of security deed; recording and tax 48-6-69. Recording, payment, and certification where encumbered real property located in more than one county or located within and outside state 48-6-70. Filing and payment of tax where encumbered real property located outside state and secured by instrument held by resident 48-6-71. Determinations by commissioner of whether tax is payable; determinations to be public record; effect of nonpayment in reliance on determination 48-6-72. Collection and distribution of revenues 48-6-73. Reports and distributions by collecting officer; failure to distribute as breach of duty and bond; commissions; long-term notes not entered on property tax digest 48-6-74. Distribution of revenues from intangible recording tax; procedure when real property located in more than one county 48-6-75. Collection procedures in absence of collecting officer 48-6-76. Procedure for protesting intangible recording tax; payment under protest; special escrow fund; filing claim; approval or denial by commissioner; action for refund 48-6-77. Failure to pay intangible recording tax bars action on indebtedness; removal of bar; penalty; conditions under which penalty waived; acquisition of instrument by holder exempt from tax O.C.G.A. TITLE 48 Chapter 6 Article 4 48-6-90. Definitions 48-6-90.1. Depository financial institutions subject to state and local taxation as business corporations

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48-6-91. Domestic international banking facilities; place of business; exemption from state or local tax, license, or fee 48-6-92. Taxation of banks and building and loan associations under article exclusive; exception 48-6-93. Local business license tax on depository financial institutions; tax rate based on Georgia gross receipts; return required; allocation of gross receipts; tax credited against state corporate income tax liability 48-6-94. Rate of taxation of moneyed capital competing with national banks 48-6-95. Special state occupation tax on depository financial institutions; tax rate based on Georgia gross receipts; determining gross receipts; return required; annual report of commissioner; credits 48-6-96. Exemptions, credits, and deductions from taxation of depository financial institutions filing consolidated returns with parent organization 48-6-97. Taxation of credit unions; legislative intent to tax state and federally chartered credit unions equally 48-6-98. Legislative intent to tax all depository financial institutions equally; interim special tax limitation for savings and loan associations

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O.C.G.A. TITLE 48 Chapter 6 Article 1 GEORGIA CODE Copyright 2011 by The State of Georgia All rights reserved. *** Current Through the 2010 Regular Session *** *** Annotations Current Through March 14, 2011 *** TITLE 48. REVENUE AND TAXATION CHAPTER 6. TAXATION OF INTANGIBLES ARTICLE 1. REAL ESTATE TRANSFER TAX

48-6-1. Transfer tax rate There is imposed a tax at the rate of $1.00 for the first $1,000.00 or fractional part of $1,000.00 and at the rate of 10 cent(s) for each additional $100.00 or fractional part of $100.00 on each deed, instrument, or other writing by which any lands, tenements, or other realty sold is granted, assigned, transferred, or otherwise conveyed to or vested in the purchaser or purchasers, or any other person or persons by his or their direction, when the consideration or value of the interest or property conveyed (exclusive of the value of any lien or encumbrance existing prior to the sale and not removed by the sale) exceeds $100.00. HISTORY: Ga. L. 1967, p. 788, 1; Ga. L. 1971, p. 266, 1; Code 1933, 91A-3001, enacted by Ga. L. 1978, p. 309, 2; Ga. L. 1998, p. 1012, 1. 48-6-2. Exemption of certain instruments, deeds, or writings from real estate transfer tax; requirement that consideration be shown (a) The tax imposed by Code Section 48-6-1 shall not apply to: (1) Any instrument or writing given to secure a debt; (2) Any deed of gift; (3) Any deed, instrument, or other writing to which any of the following is a party: the United States; this state; any agency, board, commission, department, or political subdivision of either the United States or this state; any public authority; or any nonprofit public corporation; (4) Any lease of lands, tenements, standing timber, or other realty or any lease of any estate, interest, or usufruct in any lands, tenements, standing timber, or other realty; (5) Any transfer of real estate between a husband and wife in connection with a divorce case; (6) Any order for year's support awarding an interest in real property as provided in Code Section 53-5-11 of the "Pre-1998 Probate Code," if applicable, or Code Section 53-3-11 of the "Revised Probate Code of 1998"; (7) Any deed issued in lieu of foreclosure if the deed issued in lieu of foreclosure is for a purchase money deed to secure debt that has been in existence and properly executed and recorded for a period of 12 months prior to the recording of the deed in lieu of foreclosure; (7.1) The deed from the debtor to the first transferee at a foreclosure sale; (8) Transfer of property which is acquired as provided in Code Sections 32-3-2 and 32-3-3; (8.1) Any deed that seeks to return any property sold at a tax sale back to the defendant in fi. fa.; (9) Any deed of assent or distribution by an executor, administrator, guardian, trustee, or custodian; any deed or other instrument carrying out the exercise of a power of appointment; and any other instrument transferring real estate to or from a fiduciary; provided, however, that the exemption provided under this paragraph shall apply only if the transfer is without valuable consideration;

(10) Any deed, instrument, or other writing which effects a division of real property among joint tenants or tenants in common if the transaction does not involve any consideration other than the division of the property; and (11)(A) Any deed, instrument, or other writing through which real property is transferred from one or more individual owners to a corporation, partnership, or other entity if the individual owner or owners of the real property also have a majority ownership interest in the corporation, partnership, or other entity to which the property is transferred; or (B) Any deed, instrument, or other writing through which real property is transferred from a corporation, partnership, or other entity to one or more individuals if the individual or individuals to whom the property is transferred also have a majority ownership interest in the corporation, partnership, or other entity by which the property is transferred. (b) In order to exercise any exemption provided in this Code section, the total consideration of the transfer shall be shown. HISTORY: Ga. L. 1967, p. 788, 3; Ga. L. 1968, p. 1102, 1; Ga. L. 1969, p. 109, 1; Ga. L. 1975, p. 782, 1; Ga. L. 1976, p. 1059, 3; Ga. L. 1977, p. 680, 1; Code 1933, 91A-3003, enacted by Ga. L. 1978, p. 309, 2; Ga. L. 1979, p. 5, 52A; Ga. L. 1980, p. 491, 2; Ga. L. 1984, p. 936, 1; Ga. L. 1991, p. 965, 1; Ga. L. 1996, p. 736, 1; Ga. L. 1998, p. 128, 48; Ga. L. 2003, p. 874, 1; Ga. L. 2006, p. 770, 7/SB 585. 48-6-3. Persons required to pay real estate transfer tax The tax imposed by Code Section 48-6-1 shall be paid by the person who executes the deed, instrument, or other writing or by the person for whose use or benefit the deed, instrument, or other writing is executed. HISTORY: Ga. L. 1967, p. 788, 2; Code 1933, 91A-3002, enacted by Ga. L. 1978, p. 309, 2. 48-6-4. Payment of tax prerequisite to filing deed, instrument, or other writing; certification of payment; recording certification with deed (a) It is the intent of the General Assembly that the tax imposed by this article be paid to the clerk of the superior court or his or her deputy prior to and as a prerequisite to the filing for record of any deed, instrument, or other writing described in Code Section 48-6-1. (b) No deed, instrument, or other writing described in Code Section 48-6-1 shall be filed for record or recorded in the office of the clerk of the superior court or filed for record or recorded in or on any other official record of this state or of any county until the tax imposed by this article has been paid; provided, however, that any such deed, instrument, or other writing filed or recorded which would otherwise constitute constructive notice shall constitute such notice whether or not such tax was in fact paid. (c) The amount of tax to be paid on a deed, instrument, or other writing shall be determined on the basis of written disclosure of the consideration or value of the interest in the property granted, assigned, transferred, or otherwise conveyed. The disclosure shall be made on a form or in electronic format prescribed by the commissioner and provided by the clerk of the superior court. By the fifteenth day of the month following the month the deed, instrument, or other writing is recorded, a physical or electronic copy of each disclosure shall be forwarded or made available electronically to the state auditor and to the tax commissioner and the board of tax assessors in the county where the deed, instrument, or other writing is recorded.

(d) Upon payment of the correct amount of tax, the clerk of the superior court or his or her deputy shall enter upon or attach to the deed, instrument, or other writing a certification of the fact that the tax as imposed by this article has been paid, the date, and the amount of the tax. The certification shall be signed by the clerk or deputy clerk receiving the tax. The certification may also be attested to electronically by the clerk or deputy clerk in such manner as may be prescribed by the commissioner. (e) The certificate entered upon or attached physically or electronically to the deed, instrument, or other writing shall be recorded with the deed, instrument, or other writing and shall be in the physical or electronic form required by the commissioner. In each case, however, the certificate shall bear the signature of the clerk or his or her deputy. The certificate may be relied upon by subsequent purchasers or lenders as evidence that the proper tax has been paid. In the event any deed, instrument, or other writing upon which tax is imposed by this article is required to be recorded in more than one county, the required tax shall be prorated among all applicable counties and the amount paid to the clerk or his or her deputy of the county in which the deed, instrument, or other writing is recorded shall be that proportion of the total tax due calculated by applying the ratio of the value of the real property in such county as it bears to the total value of the real properties in all counties described in the deed, instrument, or other writing to the total tax due. Such proportions shall be calculated pursuant to the most recently determined fair market valuations of the property as determined by the county board of tax assessors. All such values shall be disclosed on the face of the deed, instrument, or other writing or, alternatively, may be submitted in the form of an affidavit by the holder presenting the deed, instrument, or other writing for recording. The original or a duplicate original executed copy or counterpart of such deed, instrument, or other writing shall be presented for recording in all counties in which the real property is located, and the clerk or the clerk's deputy of each county may rely upon the sworn original or a duplicate original certification of values in determining the amount of tax due and payable in that county and collect such portion of the tax imposed by Code Section 48-6-1 and enter the same upon the deed, instrument, or other writing. HISTORY: Ga. L. 1967, p. 788, 5; Ga. L. 1971, p. 266, 3; Code 1933, 91A-3005, enacted by Ga. L. 1978, p. 309, 2; Ga. L. 1983, p. 725, 1; Ga. L. 1990, p. 1843, 1; Ga. L. 2003, p. 874, 2; Ga. L. 2010, p. 526, 1/HB 1192. 48-6-5. Clerks of superior courts responsible for tax collecting; fees (a) Each clerk of the superior court shall be responsible for collecting the tax provided in this article. Each clerk may affix certificates to the deeds, instruments, or other writings with respect to which a tax is required to be paid pursuant to this article. Each clerk shall also perform the duties provided in this article. (b) In the performance of the duties imposed by this article, each clerk of the superior court shall be entitled to a fee in addition to all other fees provided by law of 50 cent(s) for each deed, instrument, or other writing with respect to which a tax is required to be paid as provided in this article and filed for record and recorded in the county in which the clerk of the court holds office. The fee shall be withheld from the funds received in payment of the tax. Fees withheld by a clerk shall be distributed as follows: (1) In the event the clerk withholding the fees is compensated on a salary basis, the amount of the fees withheld shall be paid into the treasury of the county; or (2) In the event the clerk is not compensated on a salary basis, the amount of the fees withheld shall be retained by the clerk as compensation for the duties performed under this article. HISTORY: Ga. L. 1967, p. 788, 4; Ga. L. 1971, p. 266, 2; Code 1933, 91A-3004, enacted by Ga. L. 1978, p. 309, 2; Ga. L. 2003, p. 874, 3.

48-6-6. Annual report of tax distribution Within 60 days of the end of each calendar year, the clerk of the superior court shall file with the commissioner a report showing the total amount of tax distributed among the state, county, and municipalities during the preceding calendar year. HISTORY: Ga. L. 1967, p. 788, 8; Code 1933, 91A-3006, enacted by Ga. L. 1978, p. 309, 2; Ga. L. 2003, p. 874, 4. 48-6-7. Refund of erroneously or illegally collected tax; procedure for filing claim; action for refund in superior court upon denial of claim; manner of paying refund (a) In any case in which the clerk of superior court erroneously or illegally collects the tax imposed by this article and remits the tax to the commissioner, the taxpayer from whom the tax was collected may file a claim for refund with the commissioner at any time within one year after the date of collection. Each claim for refund shall be made in writing and shall be accompanied by evidence supporting the claim that the collection was erroneous or illegal. The commissioner or his delegate shall consider the information contained in the taxpayer's claim for refund and other available information, shall approve or disapprove the claim, and shall notify the taxpayer of the decision. (b) A taxpayer whose claim for a refund is denied by the commissioner or his delegate or with respect to whose claim no decision is rendered by the commissioner or his delegate within one year from the date of filing the claim shall have the right to bring an action for a refund in the superior court of the county where the disputed tax was originally collected. The taxpayer shall bring the action for refund against the clerk of superior court of the county which collected the disputed tax. The commissioner in his official capacity shall be made a party defendant to the action in order that the interests of the state may be represented in the action. The Attorney General shall represent both defendants in the action. If it is determined in the action that an amount claimed by the taxpayer was erroneously or illegally collected, the taxpayer shall be entitled to judgment against the defendant clerk of the superior court in his official capacity for the amount erroneously or illegally collected, without interest to the date of judgment. (c) If a claim for refund is allowed by the commissioner as provided in subsection (a) of this Code section or if the taxpayer obtains a final judgment as provided in subsection (b) of this Code section, the commissioner shall refund the amount erroneously or illegally collected from funds remitted by the clerk of superior court who collected the tax. The refund shall be paid and charged in the same proportion that the disputed tax was originally distributed by the commissioner as provided in this article. HISTORY: Ga. L. 1971, p. 266, 4; Code 1933, 91A-3007, enacted by Ga. L. 1978, p. 309, 2. 48-6-8. Distribution of tax revenues among state and other tax jurisdictions and districts. At least once every 30 days, all revenues derived from the tax imposed by this article shall be distributed among the state and municipalities in which the real property is situated and the county in which the real property is situated in the same proportion that revenues derived from the taxes imposed by Article 3 of this chapter are divided. If the real property is situated in more than one county, the appropriate portion of the tax shall be equitably divided among the counties by the clerk of the superior court. HISTORY: Ga. L. 1967, p. 788, 9; Code 1933, 91A-3008, enacted by Ga. L. 1978, p. 309, 2; Ga. L. 1996, p. 117, 2; Ga. L. 1996, p. 130, 2; Ga. L. 1997, p. 523, 1; Ga. L. 2003, p. 874, 5.

48-6-9. Failure to collect, account for, and pay over tax imposed by article; penalty (a) It shall be unlawful for any person required by this article to collect, account for, and pay over any tax imposed by this article willfully to fail to collect or truthfully account for and pay over the tax. (b) Any person who violates subsection (a) of this Code section shall be guilty of a misdemeanor. HISTORY: Ga. L. 1967, p. 788, 10; Code 1933, 91A-9914, enacted by Ga. L. 1978, p. 309, 2. 48-6-10. Evasion of tax imposed by article; penalty (a) It shall be unlawful for any person willfully to evade or defeat in any manner any tax imposed by this article or the payment of such tax. (b) Any person who violates subsection (a) of this Code section shall be guilty of a misdemeanor. HISTORY: Ga. L. 1967, p. 788, 11; Code 1933, 91A-9915, enacted by Ga. L. 1978, p. 309, 2.

O.C.G.A. TITLE 48 Chapter 6 Article 2 GEORGIA CODE Copyright 2011 by The State of Georgia All rights reserved. *** Current Through the 2010 Regular Session *** *** Annotations Current Through March 14, 2011 *** TITLE 48. REVENUE AND TAXATION CHAPTER 6. TAXATION OF INTANGIBLES ARTICLE 2. INTANGIBLE PERSONAL PROPERTY TAX O.C.G.A. TITLE 48 Chapter 6 Article 2 (2011)

48-6-20 through 48-6-44 Reserved. Repealed by Ga. L. 1996, p. 117, 6, effective March 21, 1996.

O.C.G.A. TITLE 48 Chapter 6 Article 3 GEORGIA CODE Copyright 2011 by The State of Georgia All rights reserved. *** Current Through the 2010 Regular Session *** *** Annotations Current Through March 14, 2011 *** TITLE 48. REVENUE AND TAXATION CHAPTER 6. TAXATION OF INTANGIBLES ARTICLE 3. INTANGIBLE RECORDING TAX O.C.G.A. TITLE 48 Chapter 6 Article 3 (2011)

48-6-60. Definitions As used in this article, the term: (1) "Collecting officer" means the clerk of the superior court of the county; provided, however, that in each county of this state having a population of 50,000 or less according to the United States decennial census of 1990 or any future such census, at the discretion of the clerk of the superior court of the county, "collecting officer" may mean the tax collector or tax commissioner of the county. (2) "Instrument" or "security instrument" means any written document presented for recording for the purpose of conveying or creating a lien or encumbrance on real estate for the purpose of securing a long-term note secured by real estate. (3) "Long-term note secured by real estate" means any note representing credits secured by real estate by means of mortgages, deeds to secure debt, purchase money deeds to secure debt, bonds for title, or any other form of security instrument, when any part of the principal of the note falls due more than three years from the date of the note or from the date of any instrument executed to secure the note and conveying or creating a lien or encumbrance on real estate for such purpose. (4) "Short-term note secured by real estate" means any note which would be a long-term note secured by real estate were it not for the fact that the whole of the principal of the note falls due within three years from the date of the note or from the date of any instrument executed to secure the note. HISTORY: Ga. L. 1953, Nov.-Dec. Sess., p. 379, 3; Code 1933, 91A-3201, enacted by Ga. L. 1978, p. 309, 2; Ga. L. 1990, p. 1843, 4; Ga. L. 1994, p. 1767, 1; Ga. L. 1998, p. 1656, 1. 48-6-61. Filing instruments securing long-term notes; procedure; intangible recording tax; rate; maximum tax Every holder of a long-term note secured by real estate shall, within 90 days from the date of the instrument executed to secure the note, record the security instrument in the county in which is located the real estate conveyed or encumbered or upon which a lien is created to secure the note and shall present, prior to presenting the instrument to the clerk of superior court for recording, the security instrument to the collecting officer of the county in which the real estate is located. The collecting officer shall determine from the face of the security instrument the date of execution of the instrument, the maturity date of the note, and the principal amount of the note. There is imposed on each instrument an intangible recording tax at the rate of $1.50 for each $500.00 or fraction thereof of the face amount of the note secured by the recording of the security instrument. The collecting officer shall collect the tax due on the security instrument from the holder of the instrument; provided, however, the holder may pass on the amount of such tax to the borrower or mortgagor but the amount of such tax passed to the borrower or mortgagor shall not be considered or treated as part of any finance charge imposed by the holder in connection with the loan transaction. If the security instrument reflects an amount greater than the principal amount of the note and, at the time the security instrument is presented for recording, the holder of the note also presents for recording with the security instrument said holder's sworn statement itemizing the principal amount of the note and the other charges included within the amount shown on the face of the security instrument, the collecting officer shall determine the principal amount of the note from the sworn statement. The maximum amount of any intangible recording tax payable as provided in this Code section with respect to any single note shall be $25,000.00.

HISTORY: Ga. L. 1953, Nov.-Dec. Sess., p. 379, 4; Ga. L. 1955, p. 288, 1; Ga. L. 1977, p. 635, 1; Code 1933, 91A-3202, enacted by Ga. L. 1978, p. 309, 2; Ga. L. 1981, p. 1857, 33; Ga. L. 1990, p. 1843, 4; Ga. L. 1994, p. 1767, 2; Ga. L. 1995, p. 224, 1. 48-6-62. Certification of payment of tax; effect of filing instrument prior to payment; alternate procedure for filing new or modified note secured by previously recorded instrument (a) (1) Upon payment of the correct tax as disclosed from the information recited on the face of the security instrument, the collecting officer shall enter upon or attach to the security instrument a certification that the intangible recording tax as provided by Code Section 48-6-61 has been paid, the date, and the amount of the tax. The certificate shall be signed by the collecting officer or said officer's deputy. The holder of a security instrument upon which the tax has been paid as provided by this article may then present the security instrument together with the certificate to the clerk of superior court of the county in which the real property is located, who may then file the security instrument for record. It is the intention of the General Assembly that the intangible tax levied by Code Section 48-6-61 shall be paid to the collecting officer prior to and as a prerequisite to the filing for record of the real property instrument securing the note with the clerk of superior court and that the clerk shall not be permitted to file the instrument for record unless the security instrument discloses on its face the principal amount of the note, the date executed, the due date, and the certificate of the collecting officer or said officer's deputy showing that the tax has been paid on the instrument. Presentation for recording of a sworn statement as to the principal amount of the note, as authorized in Code Section 48-6-61, shall suffice for purposes of permitting the filing of a security instrument which is in compliance with this paragraph other than for the fact that the security instrument does not disclose the principal amount of the note. (2) However, any instrument otherwise in a form sufficient for recording and actually recorded by the clerk of superior court shall constitute legal notice of the interest and title of the holder of the note in and to the real estate which, under the instrument, secures a long-term note; and this paragraph shall apply even if the intangibles tax, interest, and penalty, if any, required by this article have not been paid. (3) The certificate entered upon or attached to the security instrument shall be recorded with the security instrument, shall be in the form required by the commissioner, and shall in each instance bear the signature of the collecting officer or said officer's deputy. (b) In the case of a new note or modification of a preexisting note, when the instrument securing the new note or modification is taxable under Code Section 48-6-61 and is secured by a previously recorded instrument which requires no further recording, the holder of the instrument, in lieu of recording a new or amended instrument as provided for in subsection (a) of this Code section, may elect alternatively to execute a sworn affidavit in the form required by the commissioner, which affidavit shall set forth the information required by Code Section 48-6-66. The holder of the instrument shall present the sworn affidavit to the collecting officer of the county in which the real estate is located. The tax collector or tax commissioner shall collect from the holder the tax due under Code Section 48-6-61 and upon payment of the tax shall enter upon or attach to the affidavit the certification provided for in subsection (a) of this Code section. The certification shall evidence the payment of the required tax with respect to the new instrument or modification. HISTORY: Ga. L. 1953, Nov.-Dec. Sess., p. 379, 5; Ga. L. 1955, p. 288, 2; Ga. L. 1973, p. 271, 1; Ga. L. 1977, p. 635, 2; Code 1933, 91A-3203, enacted by Ga. L. 1978, p. 309, 2; Ga. L. 1981, p. 1857, 34; Ga. L. 1990, p. 1843, 4; Ga. L. 1994, p. 1767, 3. 48-6-63. Ad valorem taxation of short-term notes secured by real estate; rate; exemptions Reserved. Repealed by Ga. L. 1996, p. 117, 4, effective March 21, 1996, and Ga. L. 1996, p. 130, 4, effective January 1, 1997

48-6-64. Tax imposed on long-term and short-term notes secured by realty exclusive; Code section not to be construed as income tax exemption (a) The tax required by this article to be paid on instruments securing long-term notes secured by real estate shall be exclusive of all other taxes on the notes. Such intangible property shall not be taxed in any manner other than as provided in this article by the state, any county, or any municipality, nor shall the owner or holder of the property be required to pay any other tax on the property. (b) Nothing contained in this Code section shall be construed to exempt any owner or holder of property taxed pursuant to this article from the payment of income taxes otherwise due on account of income derived from the property. HISTORY: Ga. L. 1953, Nov.-Dec. Sess., p. 379, 13; Code 1933, 91A-3212, enacted by Ga. L. 1978, p. 309, 2; Ga. L. 1990, p. 1843, 4; Ga. L. 1996, p. 117, 5; Ga. L. 1996, p. 130, 5. 48-6-65. Extension, transfer, assignment, modification, or renewal of instrument; exemption for amount of note refinanced (a) No tax other than as provided for in this article shall be required to be paid on any instrument which is an extension, transfer, assignment, modification, or renewal of, or which only adds additional security for, any original indebtedness or part of original indebtedness secured by an instrument subject to the tax imposed by Code Section 48-6-61 when: (1) It affirmatively appears that the tax as provided by this article has been paid on the original security instrument recorded; or (2) The original instrument or the holder of the original instrument was exempt from the tax provided for in Code Section 48-6-61 by virtue of any other law. (b) No tax shall be collected on that part of the face amount of a new instrument securing a long-term note secured by real estate which represents a refinancing by the original lender of unpaid principal on a previous instrument securing a long-term note secured by real estate if: (1) All intangible recording tax due on the previous instrument has been paid or the previous instrument was exempt from intangible recording tax; and (2) (A) The new instrument contains a statement of what part of its face amount represents a refinancing of unpaid principal on the previous instrument; or (B) The holder of the new instrument submits an affidavit as to what part of the face amount of the new instrument represents a refinancing of unpaid principal on the previous instrument. HISTORY: Ga. L. 1953, Nov.-Dec. Sess., p. 379, 15; Ga. L. 1955, p. 288, 5; Ga. L. 1977, p. 635, 5; Code 1933, 91A-3213, enacted by Ga. L. 1978, p. 309, 2; Ga. L. 1981, p. 775, 1; Ga. L. 1990, p. 1843, 4.

48-6-66. Showing correct amount and due date on instruments encumbering or conveying real estate Every instrument conveying, encumbering, or creating a lien upon real estate shall set forth in words and figures the correct amount of the note secured by the instrument and the date upon which the note falls due. When the note falls due within three years from the date of the note or from the date of any instrument executed to secure the note, a statement of that fact in lieu of specifying the date upon which the note falls due may be made in the security instrument and shall constitute sufficient compliance with this Code section. The inclusion in the instrument of a provision that the instrument secures all other indebtedness then existing or thereafter incurred shall not require the setting forth in the instrument of existing indebtedness for loans not made on the security of the instrument. HISTORY: Ga. L. 1953, Nov.-Dec. Sess., p. 379, 6; Ga. L. 1955, p. 293, 1; Code 1933, 91A-3204, enacted by Ga. L. 1978, p. 309, 2; Ga. L. 1990, p. 1843, 4. 48-6-67. Violation of Code Section 48-6-66; penalty (a) It shall be unlawful for any person willfully to violate Code Section 48-6-66. (b) Any person who violates Code Section 48-6-66 shall be guilty of a misdemeanor. HISTORY: Ga. L. 1953, Nov.-Dec. Sess., p. 379, 16; Code 1933, 91A-9917, enacted by Ga. L. 1978, p. 309, 2; Ga. L. 1990, p. 1843, 4. 48-6-68. Bond for title in absence of security deed; recording and tax Any seller of real estate who retains title to the real estate as security for the purchase price and who does not convey title to the purchaser or take back a deed to secure debt shall execute and deliver to the purchaser a bond for title which shall correctly set forth the unpaid portion of the purchase price and the maturity of the indebtedness. If any part of the purchase price falls due more than three years from the date of the instrument, the seller shall have the instrument recorded before delivery of the bond for title in the county where the land is located and shall pay the tax required by this article for the recording of the instrument. HISTORY: Ga. L. 1953, Nov.-Dec. Sess., p. 379, 7; Code 1933, 91A-3205, enacted by Ga. L. 1978, p. 309, 2; Ga. L. 1990, p. 1843, 4.

48-6-69. Recording, payment, and certification where encumbered real property located in more than one county or located within and outside state (a) If any instrument required to be recorded by this article conveys, encumbers, or creates a lien upon real property located in more than one county, the tax imposed by this article shall be prorated among all applicable counties; and the amount paid to the collecting officer of each county shall be that proportion of the total tax due calculated by applying the ratio of the value of the real property in such county as it bears to the total value of the real properties in all counties described in the instrument to the total tax due. Such proportions shall be calculated pursuant to the most recently determined fair market valuations of the property as determined by the county board of tax assessors or comparable assessing entity in any affected state. All such values shall be disclosed on the face of the instrument or, alternatively, may be submitted in the form of an affidavit by the holder presenting the instrument for recording. The original or a duplicate original executed copy or counterpart of such instrument shall be presented for recording in all counties in which the real property is located, and the collecting officer of each county may rely upon the sworn original or a duplicate original certification of values in determining the amount of tax due and payable in that county and collect such portion of the tax imposed by Code Section 48-6-61 and enter the same upon the security instrument. (b) If any instrument conveying, encumbering, or creating a lien on real property located within and outside this state as security for a long-term note is held by a nonresident of this state when presented for recording pursuant to this article, the tax required by this article shall be that proportion of the tax which would otherwise be required under this article that the value of the real property within this state bears to the total value of all the real property within and outside this state as described in the instrument. All such values shall be certified under oath by the holder presenting the instrument for recording. HISTORY: Ga. L. 1953, Nov.-Dec. Sess., p. 379, 9; Ga. L. 1955, p. 288, 4; Code 1933, 91A-3207, enacted by Ga. L. 1978, p. 309, 2; Ga. L. 1990, p. 1843, 4; Ga. L. 1994, p. 1767, 4; Ga. L. 2010, p. 528, 1/HB 1191. 48-6-70. Filing and payment of tax where encumbered real property located outside state and secured by instrument held by resident Every resident holder of an instrument securing a long-term note secured by real property located outside of this state including, but not limited to, domestic corporations and foreign corporations having their principal places of business in this state shall file, in lieu of recording the instrument securing any such note, at such periodic intervals as the commissioner by regulation may designate, a memorandum of the instrument with the commissioner on forms prescribed by the commissioner. At the same time as the memorandum is filed, the holder of the instrument shall pay to the commissioner the amount of the tax required by this article with respect to the instrument. The revenue from each instrument shall be distributed to the state, counties, and municipalities as if the real property securing the instrument were located in the county of the domicile of the taxpayer or, if the taxpayer is a corporation, in the county of the principal place of business of the taxpayer. HISTORY: Ga. L. 1953, Nov.-Dec. Sess., p. 379, 10; Code 1933, 91A-3208, enacted by Ga. L. 1978, p. 309, 2; Ga. L. 1990, p. 1843, 4.

48-6-71. Determinations by commissioner of whether tax is payable; determinations to be public record; effect of nonpayment in reliance on determination The commissioner upon his own motion or upon the written request of one or more holders of instruments securing notes secured by real property shall render publicly and in writing his determination of whether the intangible recording tax provided in this article is payable with respect to a particularly described real property instrument or class of real property instruments or modifications of such instruments. The determination may be in the form of administrative regulations if applicable to a class of real property instruments. A copy of all such determinations shall be retained in the files of the department as a permanent and public record. Nonpayment of the tax provided for in this article, with respect to a real property instrument filed for record, in reliance upon a determination rendered by the commissioner pursuant to this Code section shall not constitute a bar, as provided in Code Section 48-6-77, to the collection of the indebtedness secured by any such instrument. HISTORY: Ga. L. 1973, p. 271, 3; Ga. L. 1976, p. 405, 5; Ga. L. 1977, p. 635, 4; Code 1933, 91A-3210, enacted by Ga. L. 1978, p. 309, 2; Ga. L. 1990, p. 1843, 4. 48-6-72. Collection and distribution of revenues (a) The intangible recording tax imposed by Code Section 48-6-61 upon instruments securing long-term notes secured by real property shall be collected by the collecting officer of each county and said officer shall make the distributions in the manner provided for in this Code section. (b) The governing authority of each county shall take into consideration any increase or decrease in the duties and responsibilities of the offices of the tax commissioner and the clerk of the superior court required by this article in establishing the annual budget for each such office and, where applicable, the affected officers shall cooperate fully in any transferring of responsibilities required under this Code section. (c) The collecting officer, on the basis of the tax commissioner's or tax collector's records and of certificates which shall be supplied by each school district, municipality, and other tax district in the county, shall distribute at least monthly the revenue collected under this article. Each year the millage rates used in the distributions of revenue under this Code section shall be based upon the immediately preceding year's millage rate of each participating tax authority as provided in this article. (d) Revenue derived from taxes under this article shall be divided among the state and all other tax jurisdictions and districts including, but not limited to, county and municipal districts, which levy or cause to be levied for their benefit a property tax on real and tangible personal property having the same taxable situs as the real property which is the subject of the intangible tax. The distribution shall be made according to the proportion that the millage rate levied for the state and each other tax jurisdiction or district respectively bears to the total millage rate levied for all purposes applicable to real and tangible personal property having the same taxable situs as the subject of the intangible tax. The revenue distributed to municipalities having independent school systems supported by taxes levied by the municipality shall be divided between the municipality and the independent school system according to the proportion that the millage rate levied by the municipality for nonschool purposes and the millage rate levied for school purposes bear to the total millage rate levied by the municipality for all purposes. The tax levied by this article shall be deemed to be levied by the participating tax authorities in the proportion that the millage rate of each participating tax authority bears to the aggregate millage rate of all the participating tax authorities.

(e) In the event any distribution or part of a distribution as provided in this article is adjudged to be invalid for any reason, such distribution or part of a distribution shall be paid into the general fund of the state in the same manner and for the same purposes as provided in this article for the state's share of the revenues derived from the tax imposed by this article. HISTORY: Ga. L. 1955, p. 730, 1; Code 1933, 91A-3217, enacted by Ga. L. 1978, p. 309, 2; Ga. L. 1990, p. 1843, 4; Ga. L. 1994, p. 1767, 5; Ga. L. 1996, p. 117, 6; Ga. L. 1996, p. 130, 6; Ga. L. 1997, p. 523, 2. 48-6-73. Reports and distributions by collecting officer; failure to distribute as breach of duty and bond; commissions; long-term notes not entered on property tax digest Each collecting officer shall make a report to the commissioner by the tenth day of each month on forms prescribed by the commissioner of all sums collected and remitted under this article for the preceding month. The collecting officer shall retain 6 percent of the tax collected as compensation for said officer's services in collecting the tax. All such taxes shall be deemed to have been collected by the collecting officer in said officer's official capacity. Failure to collect and distribute the tax as provided by law shall constitute a breach of the official duty and of the official bond of the collecting officer. In each county in which the collecting officer is on a salary, the 6 percent commission allowed by this Code section shall be paid into the county treasury and shall become county property. The long-term notes secured by real property upon which this tax is based shall not be placed upon the property tax digest prepared and maintained by the tax receiver. It is the intention of the General Assembly that the 6 percent commission permitted under this article for the collection and distribution of this tax by the collecting officer shall be the only compensation permitted to any collecting officer with respect to this tax. In counties having a population of more than 650,000, according to the United States decennial census of 2000 or any future such census, however, the commission allowed under this article as compensation to the collecting officer shall be 4 percent. HISTORY: Ga. L. 1953, Nov.-Dec. Sess., p. 379, 8; Ga. L. 1955, p. 288, 3; Code 1933, 91A-3206, enacted by Ga. L. 1978, p. 309, 2; Ga. L. 1990, p. 1843, 4; Ga. L. 1992, p. 1686, 1; Ga. L. 1994, p. 1767, 6; Ga. L. 2000, p. 1376, 1; Ga. L. 2002, p. 1294, 1. 48-6-74. Distribution of revenues from intangible recording tax; procedure when real property located in more than one county All revenues derived from the intangible recording tax imposed by this article including, but not limited to, revenues from any imposition of the tax upon intangible trust property shall be distributed among the state, county, and municipality in which the real property is located in the same proportion that revenues derived from the intangible taxes imposed by Article 3 of this chapter are distributed. If the real property is located in more than one county, the appropriate portion of the intangible recording tax shall be distributed equitably by the commissioner among the affected counties. HISTORY: Ga. L. 1953, Nov.-Dec. Sess., p. 379, 17; Code 1933, 91A-3214, enacted by Ga. L. 1978, p. 309, 2; Ga. L. 1990, p. 1843, 4; Ga. L. 1996, p. 117, 7; Ga. L. 1996, p. 130, 7; Ga. L. 1997, p. 523, 3. 48-6-75. Collection procedures in absence of collecting officer In the event the collecting officer required to collect the tax imposed by Code Section 48-6-61 is temporarily absent from said officer's office for reasons of health, vacation, or otherwise, said officer shall designate another qualified person to collect the intangible recording tax in said officer's absence. In the event of the death of the collecting officer, the county governing authority shall immediately designate another qualified person to collect the tax until a new collecting officer qualifies for the position as required by law.

HISTORY: Ga. L. 1955, p. 288, 6; Code 1933, 91A-3215, enacted by Ga. L. 1978, p. 309, 2; Ga. L. 1990, p. 1843, 4; Ga. L. 1994, p. 1767, 7. 48-6-76. Procedure for protesting intangible recording tax; payment under protest; special escrow fund; filing claim; approval or denial by commissioner; action for refund (a) If a taxpayer files with the collecting officer at the time of payment of tax as provided in Code Section 48-6-61 a written protest in duplicate of the collection or any part of the collection of the tax as erroneous or illegal, the collecting officer receiving the payment under written protest shall be deemed to have made a conditional collection of the protested amount of the payment. Each protested collection shall be effective to discharge any duty of the taxpayer to pay the tax and to require the collecting officer to enter upon or attach to the instrument securing the obligation upon which the tax is claimed to be due a certification in the form prescribed in Code Section 48-6-62 of the fact that the intangible recording tax as provided by Code Section 48-6-61 has been paid. Each collection as provided in this Code section shall be subject to the conditions set forth in this article as to refund upon determination by the commissioner or by final judgment in a refund action that the collection was erroneous or illegal. (b) A collecting officer receiving a payment under written protest shall deposit the protested amount of the payment in a separate account in a bank approved as a depository for state funds, shall hold the protested amount as a special escrow fund for the purposes provided in this article, and, except as provided in this Code section, shall not distribute the amount under Code Section 48-6-74 or retain from the amount or pay into the county treasury any commission under Code Section 48-6-73. Immediately upon receiving a payment under written protest, the collecting officer shall forward to the commissioner one executed copy of the protest. (c) The taxpayer making a payment under written protest may file at any time within 30 days after the date of the payment a claim for refund of the protested amount of the payment with the commissioner. Each claim shall be in writing, shall be in the form and contain such information as the commissioner requires, and shall include a summary statement of the grounds upon which the taxpayer relies in contending that the collection of the amount was erroneous or illegal. A copy of the claim shall be filed by the taxpayer within the 30 day period with the collecting officer or said officer's successor who collected the protested amount. (d) The commissioner shall consider the claim for refund and shall approve or deny it and shall notify the taxpayer and the collecting officer or said officer's successor who collected the protested amount of said officer's action. If the commissioner approves the claim in whole or in part, the collecting officer or said officer's successor shall forthwith pay to the taxpayer the amount so approved, without interest, from the special escrow fund held by said officer, and no appropriation or further authorization shall be necessary to authorize and require the payment to the taxpayer from the special escrow fund. (e) (1) Any taxpayer whose claim for refund is denied entirely or in part by the commissioner or with respect to whose claim no decision is rendered by the commissioner within 30 days from the date of filing the claim shall have the right to bring an action for refund of the amount so claimed and not approved against the collecting officer or said officer's successor who collected the amount, in said officer's official capacity, in the superior court of the county whose official collected the amount. (2) No action for refund shall be brought after the expiration of 60 days from the date of denial of the taxpayer's claim for refund by the commissioner. (3) For the purposes of this Code section, a failure by the commissioner to grant or deny the taxpayer's claim for refund within the 30 day period shall not constitute a constructive denial of the claim. (f) The commissioner in said commissioner's official capacity shall be made a party defendant to each action for refund in order that the interests of the state may be represented in the action, and the Attorney General shall represent the defendants in each action. If it is determined in the action that the amount claimed by the taxpayer was erroneously or illegally collected from the taxpayer, the taxpayer shall be entitled to judgment against the defendant county tax official in said tax official's official capacity for the amount erroneously or illegally collected, without

interest to the date of judgment. Court costs charged against the defendant in such an action and any interest payable on a judgment in favor of the taxpayer in such an action for a period before the judgment becomes final shall be paid by the commissioner as part of the expenses of administering this article. The principal amount of a final judgment in favor of the taxpayer in such an action, exclusive of court costs, shall be paid forthwith to the taxpayer by the defendant county tax official from the special escrow fund, and no appropriation or further authorization shall be necessary to authorize and require the payment of a judgment from the special escrow fund. (g) (1) Upon expiration of the period for filing a claim for refund of a protested payment without any claim being filed, upon expiration of the period for filing an action for refund of a protested payment without any action being filed, upon dismissal of such an action, or upon final judgment in such an action, whichever event occurs first, the collecting officer holding the protested amount in a special escrow fund shall retain from that portion of the amount which is not payable to the protesting taxpayer or shall pay into the county treasury, as provided in Code Section 486-73, the percentage of such portion which is allowed by Code Section 48-6-73 as compensation for such collecting officer's services in collecting the tax. (2) The balance of the portion after the deduction provided in paragraph (1) of this subsection shall be distributed as provided in Code Section 48-6-74 with respect to revenues derived, for the year during which the amount was paid by the taxpayer, from the intangible recording tax imposed by this article. HISTORY: Ga. L. 1956, p. 720, 1; Ga. L. 1977, p. 635, 7; Code 1933, 91A-3216, enacted by Ga. L. 1978, p. 309, 2; Ga. L. 1990, p. 1843, 4; Ga. L. 1992, p. 6, 48; Ga. L. 1994, p. 1767, 8. 48-6-77. Failure to pay intangible recording tax bars action on indebtedness; removal of bar; penalty; conditions under which penalty waived; acquisition of instrument by holder exempt from tax (a) Failure to pay the tax levied by this article shall constitute a bar to the collection by any action, foreclosure, the exercise of any power of sale, or otherwise of the indebtedness secured by any instrument required by this article to be recorded, whether the instrument is held by an original party to the instrument or by a transferee. However, failure to pay the tax levied by this article shall not affect or discharge the indebtedness and other obligations secured by such instrument or the debtor's liability on account thereof and, subject to the bar, such instrument shall continue to secure the indebtedness and other obligations secured thereby and shall continue to encumber the collateral described therein. The bar may be removed by the payment of the required tax, plus interest at the rate specified in Code Section 48-2-40 from the time the tax was due, plus a penalty of 50 percent of the amount of the tax, after which the process to collect the indebtedness, including foreclosure, may proceed as if no bar ever existed. However, if an instrument required to be recorded fails to reflect on its face that the tax levied by this article is due and after a foreclosure has taken place it is discovered that the instrument securing the indebtedness is in fact subject to the tax, any deed given pursuant to the foreclosure or in lieu of foreclosure shall be imperfected but may be perfected by the payment of the required tax, plus interest at the rate specified in Code Section 48-2-40 from the time the tax was due plus a penalty of 50 percent of the amount of the tax. Once the tax, interest, and penalty as required in this subsection have been paid, the perfection of the deed will revert back to the date of the deed, and the deed shall retain its priority over any and all intervening liens or conveyances except those conveyances and liens made or created by the grantee, its successors, and assigns named in the foreclosure deed or deed in lieu of foreclosure. These provisions shall have no effect on any instrument subject to the tax on which the statute of limitations has expired. (b) The failure to pay the tax shall not constitute a bar to the collection of the indebtedness as provided in subsection (a) of this Code section when the commissioner has determined that the tax is not payable. (c) The commissioner may waive the penalty provided for in subsection (a) of this Code section if he determines that the failure to pay the tax was through ignorance of the law or inadvertence and that the failure did not occur out of bad faith. (d) This Code section shall not apply to instruments acquired at a time when the holder of the instrument was otherwise exempt from the payment of the tax imposed by this article.

HISTORY: Ga. L. 1953, Nov.-Dec. Sess., p. 379, 11; Ga. L. 1973, p. 271, 2; Ga. L. 1977, p. 635, 3; Code 1933, 91A-3209, enacted by Ga. L. 1978, p. 309, 2; Ga. L. 1979, p. 5, 59; Ga. L. 1980, p. 10, 16; Ga. L. 1990, p. 1843, 4; Ga. L. 1997, p. 547, 1.

O.C.G.A. TITLE 48 Chapter 6 Article 4 GEORGIA CODE Copyright 2011 by The State of Georgia All rights reserved. *** Current Through the 2010 Regular Session *** *** Annotations Current Through March 14, 2011 *** TITLE 48. REVENUE AND TAXATION CHAPTER 6. TAXATION OF INTANGIBLES ARTICLE 4. TAXATION OF FINANCIAL INSTITUTIONS O.C.G.A. TITLE 48 Chapter 6 Article 4 (2011)

48-6-90. Definitions As used in this article, the term: (1) "Bank" means any financial institution chartered under the laws of any state or under the laws of the United States which is authorized to receive deposits in this state and which has a corporate structure authorizing the issuance of capital stock. (2) "Depository financial institution" means a bank or a savings and loan association. (3) "Savings and loan association" means any financial institution, other than a credit union, chartered under the laws of any state or under the laws of the United States which is authorized to receive deposits in this state and which has a mutual corporate form. HISTORY: Code 1981, 48-6-90, enacted by Ga. L. 1996, p. 181, 2. 48-6-90.1. Depository financial institutions subject to state and local taxation as business corporations Except as is otherwise provided in this title, depository financial institutions shall be subject to all forms of state and local taxation in the same manner and to the same extent as other business corporations in Georgia. HISTORY: Ga. L. 1927, p. 56, 11; Code 1933, 92-2406; Ga. L. 1935, p. 11, 11; Ga. L. 1955, p. 450, 1, 2; Ga. L. 1959, p. 327, 1; Ga. L. 1966, p. 284, 1; Ga. L. 1973, p. 924, 3; Code 1933, 92-2406, enacted by Ga. L. 1975, p. 147, 1; Ga. L. 1976, p. 405, 7; Code 1933, 91A-3301, enacted by Ga. L. 1978, p. 309, 2; Ga. L. 1983, p. 1350, 5; Code 1981, 48-6-90.1, as redesignated by Ga. L. 1996, p. 181, 2. 48-6-91. Domestic international banking facilities; place of business; exemption from state or local tax, license, or fee Domestic international banking facilities operating in this state pursuant to Article 5A of Chapter 1 of Title 7, the "Domestic International Banking Facility Act," and engaging only in those activities authorized pursuant to that article shall not be deemed to maintain a place of business in this state and shall not be subject to any state or local tax, license, or fee solely because of such activities. HISTORY: Ga. L. 1927, p. 56, 12; Code 1933, 92-2407; Ga. L. 1935, p. 11, 12; Code 1933, 92-2406.1, enacted by Ga. L. 1975, p. 147, 2; Ga. L. 1976, p. 405, 8; Code 1933, 91A-3302, enacted by Ga. L. 1978, p. 309, 2; Ga. L. 1983, p. 1350, 6; Ga. L. 1984, p. 22, 48; Ga. L. 1996, p. 181, 3. 48-6-92. Taxation of banks and building and loan associations under article exclusive; exception Reserved. Repealed by Ga. L. 1983, p. 1350, 7, effective January 1, 1984. 48-6-93. Local business license tax on depository financial institutions; tax rate based on Georgia gross receipts; return required; allocation of gross receipts; tax credited against state corporate income tax liability (a) Municipalities and counties may each levy and collect a business license tax from depository financial institutions having an office located within their respective jurisdiction at a rate not to exceed 0.25 percent of the Georgia gross receipts, as defined and allocated in Code Section 48-6-95 and this Code section, of said depository financial institutions. Municipalities and counties may provide that the minimum annual amount of such levy upon any depository financial institution shall be not more than $1,000.00. (b) Reserved.

(c) Every depository financial institution subject to the tax authorized by this Code section shall file a return of its gross receipts with each applicable jurisdiction levying such tax by March 1 of the year following the year in which such gross receipts are measured. Said return shall be in the manner and in the form prescribed by the commissioner based on the allocation method set forth in subsection (d) of this Code section. The return shall provide the information necessary to determine the portion of the taxpayer's Georgia gross receipts to be allocated to each taxing jurisdiction in which such institution has an office. Each taxing jurisdiction which has enacted a business license tax pursuant to subsection (a) of this Code section shall assess and collect said tax based upon the information provided in the returns. (d) A depository financial institution's Georgia gross receipts shall be allocated among each taxing jurisdiction in which such institution has an office as of December 31 of the year in which gross receipts are measured, as follows: (1) Each jurisdiction shall be assigned the gross receipts attributable to the offices located within such jurisdiction; and (2) In determining the amount of "gross receipts" attributable to each office, 20 percent of the institution's Georgia gross receipts shall be attributable to that institution's principal Georgia office, which for this purpose shall be the Georgia office to which the greatest amount of deposits by value are attributable. The remaining 80 percent of Georgia gross receipts shall be attributable to the institution's other Georgia offices, pro rata according to the number of such offices. The term "office" as used in this Code section means a place of business of a depository financial institution at which the institution accepts deposits but shall not include unmanned automatic teller machines, pointof-sale terminals, or other similar unmanned electronic facilities at which deposits may be accepted. If there are fewer than five offices in addition to the principal Georgia office, the amount of gross receipts attributable to each such office shall be determined by dividing the Georgia gross receipts by the aggregate number of such offices. (e) Any tax paid by a depository financial institution pursuant to this Code section shall be credited dollar for dollar against any state income tax liability of such institution for the tax year during which any business or occupation tax authorized by this Code section is paid. Such credit shall be subject to the provisions of Code Section 48-7-29.7. (f) Except as authorized by this Code section, no municipality or county shall levy any form of business license tax, fee, franchise, or occupation tax on any depository financial institution. HISTORY: Ga. L. 1937-38, Ex. Sess., p. 156, 2; Ga. L. 1949, p. 1050, 1; Ga. L. 1973, p. 924, 3; Ga. L. 1976, p. 405, 1; Code 1933, 91A-3303, enacted by Ga. L. 1978, p. 309, 2; Ga. L. 1983, p. 1350, 8; Ga. L. 1984, p. 22, 48; Ga. L. 1988, p. 13, 48; Ga. L. 1996, p. 181, 4; Ga. L. 2000, p. 1445, 3. 48-6-94. Rate of taxation of moneyed capital competing with national banks All moneyed capital in the hands of individual citizens of this state coming into competition with the business of national banks shall be subject to taxation at the rate applicable to the national banks. HISTORY: Ga. L. 1937-38, Ex. Sess., p. 156, 3; Ga. L. 1973, p. 924, 3; Ga. L. 1976, p. 405, 2; Code 1933, 91A-3305, enacted by Ga. L. 1978, p. 309, 2. 48-6-95. Special state occupation tax on depository financial institutions; tax rate based on Georgia gross receipts; determining gross receipts; return required; annual report of commissioner; credits (a) There is imposed a special state occupation tax on each depository financial institution that conducts business or owns property in this state. The rate of this tax shall be 0.25 percent of the Georgia gross receipts, as defined in subsection (b) of this Code section, of the depository financial institution. This tax shall be in addition to any and all other taxes to which such depository financial institution is subject.

(b)(1) For purposes of this Code section, "Georgia gross receipts" means gross receipts as determined under paragraph (2) of this subsection, unless the taxpayer conducts business both within and outside this state in which case "Georgia gross receipts" means gross receipts as determined under paragraph (2) of this subsection multiplied by the taxpayer's Georgia gross receipts factor determined under paragraph (2) of subsection (d) of Code Section 487-31 for the year in which such gross receipts are measured. (2) For purposes of this Code section, "gross receipts" means the total amount of revenue generated from the sources itemized in this paragraph and in paragraph (3) of this subsection during the calendar year immediately preceding the date on which the tax authorized by this Code section shall be due. Before determining gross receipts there shall be deducted: (A) An amount equal to the amount of interest paid on all liabilities for the period; (B) An amount equal to income derived from the authorized activities of any domestic international banking facility operating pursuant to Article 5A of Chapter 1 of Title 7, the "Domestic International Banking Facility Act"; (C) An amount equal to any income arising from the conduct of a banking business with persons or entities located outside of the United States, its territories, or possessions; and (D) To the extent that any deductions are made pursuant to subparagraphs (B) and (C) of this paragraph, any deductions taken under subparagraph (A) of this paragraph shall be reduced by the same proportion that the deductions in subparagraphs (B) and (C) of this paragraph bear to the gross receipts of the depository financial institution as calculated before making any deductions pursuant to subparagraphs (A) through (C) of this paragraph. (3) The items to be included in the calculation of gross receipts with respect to banks are as follows: (A) Interest and fees on loans less any interest collected on those portions of loans sold and serviced for others; (B) Interest on balances with other depository financial institutions; (C) Interest on federal or correspondent funds sold and securities purchased under agreement to resell; (D) Interest on other bonds, notes, and debentures, excluding interest on obligations of the State of Georgia or its political subdivisions and obligations of the United States; (E) Dividends on stock; (F) Income from direct lease financing; (G) Income from fiduciary activities; (H) Service charges on deposit accounts; (I) Other service charges, commissions, and fees; and (J) Other income. (4) The items to be included in the calculation of gross receipts with respect to savings and loan associations are as follows: (A) Interest on mortgage loans less any interest collected on those portions of loans sold and serviced for others; (B) Interest on mortgages, participations, or mortgage backed securities; (C) Interest on real estate sold on contract;

(D) Discounts on mortgage loans purchased; (E) Interest on other loans, excluding interest on obligations of the State of Georgia or its political subdivisions and obligations of the United States; (F) Interest and dividends on investments and deposits; (G) Loan fees; (H) Loan servicing fees; (I) Other fees and charges; (J) Gross income from real estate owned operations; (K) Net income from office building operations; (L) Gross income from real estate held for investment; (M) Net income from service corporations and subsidiaries; (N) Miscellaneous operating income; (O) Profit on sale of real estate owned operations, investment securities, loans, and other assets; and (P) Miscellaneous nonoperating income. (c) Each depository financial institution shall file with the commissioner a return of its gross receipts by March 1 of the year following the year in which such gross receipts are measured. Said return shall be in the manner and in the form prescribed by the commissioner. The tax imposed by this Code section shall be paid to the commissioner at the time of filing the return. (d) The commissioner shall make an annual report to the Governor and to the chairpersons of the House and Senate Appropriations Committees of the amount of special state occupation tax on depository financial institutions collected. (e) Any tax paid by a depository financial institution pursuant to this Code section shall be credited dollar for dollar against any state income tax liability of such institution for the tax year during which any business or occupation tax authorized by this Code section is paid. Such credit shall be subject to the provisions of Code Section 48-7-29.7. HISTORY: Ga. L. 1975, p. 154, 3; Code 1933, 91A-3304, enacted by Ga. L. 1978, p. 309, 2; Ga. L. 1983, p. 1350, 9; Ga. L. 1996, p. 181, 5; Ga. L. 2000, p. 1445, 4; Ga. L. 2002, p. 415, 48. 48-6-96. Exemptions, credits, and deductions from taxation of depository financial institutions filing consolidated returns with parent organization No depository financial institution shall be deprived of the benefit of any exemption, deduction, or credit authorized by law as a consequence of its election to file otherwise lawful consolidated returns with its parent organization or any corporate subsidiaries with respect to any state or local tax levied against such depository financial institution. HISTORY: Code 1981, 48-6-96, enacted by Ga. L. 1983, p. 1350, 10.

48-6-97. Taxation of credit unions; legislative intent to tax state and federally chartered credit unions equally Except as otherwise provided by law, credit unions organized under the provisions of Chapter 1 of Title 7, the "Financial Institutions Code of Georgia," shall be subject to all forms of state and local government taxation authorized by the Congress of the United States for the taxation of federally chartered credit unions on January 1, 1984. It is the intent of the General Assembly of the State of Georgia that credit unions organized under the laws of this state and credit unions organized under the laws of the United States and domiciled within this state be subject to the same degree of taxation whether by the state or any of its political subdivisions in which such credit union maintains a place of business. It is further the intent of the General Assembly that in the event the Congress of the United States should change the manner in which federally chartered credit unions may be taxed by state and local governments, then to the extent that state legislative authority is not preempted by the Congress, state-chartered credit unions and federally chartered credit unions operating in this state shall be taxed to the same extent and in the same manner as state-chartered savings and loan associations operating in this state. HISTORY: Code 1981, 48-6-97, enacted by Ga. L. 1983, p. 1350, 10; Ga. L. 1984, p. 22, 48. 48-6-98. Legislative intent to tax all depository financial institutions equally; interim special tax limitation for savings and loan associations It is the intent of the General Assembly of the State of Georgia that depository financial institutions shall be taxed in the same manner and to the same extent for purposes of state taxation. It is the further intent of the General Assembly of Georgia that depository financial institutions shall be taxed in the same manner and to the same extent by the individual political subdivisions in which they have an office or place of business; provided, however, that the following distinctions shall be made to recognize differences between banks and savings and loan associations: (1) Any appropriate distinctions made elsewhere in this chapter; and (2) For a period of three years from January 1, 1984, the aggregate gross receipts taxes payable by any savings and loan association under the provisions of this chapter shall not be in excess of an amount that would be raised by a current ad valorem tax imposed upon the net worth of said association. As used in this chapter, the term "net worth" means all surplus, undivided profits, and reserves exclusive of any reserve required by any federal or state statute or regulation in force as of January 1, 1980, which statute or regulation was applicable to such federal or statechartered association, and minus the fair market value of all real estate or equity therein owned by the association. HISTORY: Code 1981, 48-6-98, enacted by Ga. L. 1983, p. 1350, 10; Ga. L. 1984, p. 22, 48.