Georgia House of Representatives - 1995/1996 Sessions

HB 8 - Intangible recording tax; remove certain maximum limitation

Page Numbers - 1/ 2

Code Sections - 48-6-61

1. Buck  135th


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House Vote: Yeas       Nays             Senate Vote: Yeas     Nays                                  
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Code Sections amended: 48-6-61                                                                      


HB 8                                              LC 18 6389






                        A BILL TO BE ENTITLED
                               AN ACT


  1- 1  To amend Article 3 of Chapter 6 of Title 48 of the Official
  1- 2  Code of Georgia Annotated, relating to the intangible
  1- 3  recording tax, so as to remove the limitation on the maximum
  1- 4  amount of such tax payable with respect to any single note;
  1- 5  to provide an effective date; to provide for applicability;
  1- 6  to repeal conflicting laws; and for other purposes.

  1- 7       BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

                         SECTION 1.

  1- 8  Article 3 of Chapter 6 of Title 48 of the Official Code of
  1- 9  Georgia Annotated, relating to the intangible recording tax,
  1-10  is amended by striking Code Section 48-6-61, relating to
  1-11  filing instruments securing long-term notes, and inserting
  1-12  in its place a new Code Section 48-6-61 to read as follows:

  1-13    "48-6-61. (Index)

  1-14    Every holder of a long-term note secured by real estate
  1-15    shall, within 90 days from the date of the instrument
  1-16    executed to secure the note, record the security
  1-17    instrument in the county in which is located the real
  1-18    estate conveyed or encumbered or upon which a lien is
  1-19    created to secure the note and shall present, prior to
  1-20    presenting the instrument to the clerk of superior court
  1-21    for recording, the security instrument to the collecting
  1-22    officer of the county in which the real estate is located.
  1-23    The collecting officer shall determine from the face of
  1-24    the security instrument the date of execution of the
  1-25    instrument, the maturity date of the note, and the
  1-26    principal amount of the note.  There is imposed on each
  1-27    instrument an intangible recording tax at the rate of
  1-28    $1.50 for each $500.00 or fraction thereof of the face
  1-29    amount of the note secured by the recording of the
  1-30    security instrument.  The collecting officer shall collect
  1-31    the tax due on the security instrument from the holder of
  1-32    the instrument.  If the security instrument reflects an
  1-33    amount greater than the principal amount of the note and,



                                 -1- (Index)

                                                  LC 18 6389

  2- 1    at the time the security instrument is presented for
  2- 2    recording, the holder of the note also presents for
  2- 3    recording with the security instrument said holder's sworn
  2- 4    statement itemizing the principal amount of the note and
  2- 5    the other charges included within the amount shown on the
  2- 6    face of the security instrument, the collecting officer
  2- 7    shall determine the principal amount of the note from the
  2- 8    sworn statement.  The maximum amount of any intangible
  2- 9    recording tax payable as provided in this Code section
  2-10    with respect to any single note shall be $25,000.00."

                         SECTION 2.

  2-11  This Act shall become effective on January 1, 1996, and
  2-12  shall be applicable to all taxable years beginning on or
  2-13  after that date.

                         SECTION 3.

dd (Index)