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2018 Georgia Code 48-2-40 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 48-2-40 Case Law from Google Scholar Amendments to OCGA 48-2-40

TITLE 48 REVENUE AND TAXATION

Section 2. State Administrative Organization, Administration, and Enforcement, 48-2-1 through 48-2-115.

ARTICLE 2 ADMINISTRATION

48-2-40. Rate of interest on past due taxes.

Except as otherwise expressly provided by law, taxes owed the state or any local taxing jurisdiction shall bear interest at an annual rate equal to the bank prime loan rate as posted by the Board of Governors of the Federal Reserve System in statistical release H. 15 or any publication that may supersede it, plus 3 percent, to accrue monthly. Such annual interest rate shall be determined for each calendar year based on the first weekly posting of statistical release H. 15 on or after January 1 of each calendar year. Interest shall begin to accrue from the date the tax is due until the date the tax is paid. For the purposes of this Code section, any period of less than one month shall be considered to be one month. This Code section shall also apply to alcoholic beverage taxes.

(Code 1933, § 91A-239.2, enacted by Ga. L. 1980, p. 10, § 4; Ga. L. 1980, p. 1759, § 1; Ga. L. 2016, p. 574, § 3/HB 960.)

The 2016 amendment, effective July 1, 2016, in the first sentence, substituted "at an annual rate equal to the bank prime loan rate as posted by the Board of Governors of the Federal Reserve System in statistical release H. 15 or any publication that may supersede it, plus 3 percent, to accrue monthly" for "at the rate of 1 percent per month", added the second sentence, and added "Interest shall begin to accrue" at the beginning of the third sentence. See Editor's notes for applicability.

Cross references.

- Penalties for failure to pay taxes or license fees on alcoholic beverages, § 3-2-11.

Editor's notes.

- Ga. L. 2016, p. 574, § 6(b)/HB 960, not codified by the General Assembly, provides: "The new penalty and interest rates provided in Sections 2, 3, and 4 of this Act shall apply to penalties and interest accrued on or after the effective date of this Act." This Act became effective July 1, 2016.

Law reviews.

- For article, "Procedure and Problems in Georgia Ad Valorem Tax Appeals," see 26 Ga. St. B. J. 98 (1990).

JUDICIAL DECISIONS

Failure to award interest.

- When a trial court found a tax commissioner improperly refused to pay a tax execution holder's executions, but did not find the commissioner had good cause for the refusal and did not award the holder 20 percent interest, pursuant to O.C.G.A. § 15-13-3(a), the matter had to be remanded for a determination of the good cause issue and to consider the holder's entitlement to one percent interest per month, pursuant to O.C.G.A. §§ 48-2-40 and48-3-20. Scott v. Vesta Holdings I, LLC, 275 Ga. App. 196, 620 S.E.2d 447 (2005).

OPINIONS OF THE ATTORNEY GENERAL

Reference in O.C.G.A. § 48-2-40 to a month means that period of time from any day of a month to the same (or nearest) day of the next succeeding month. 1982 Op. Att'y Gen. No. U82-19.

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