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2018 Georgia Code 7-1-786 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 7-1-786 Case Law from Google Scholar Amendments to OCGA 7-1-786

TITLE 7 BANKING AND FINANCE

Section 1. Financial Institutions, 7-1-1 through 7-1-1021.

ARTICLE 7 BUILDING AND LOAN ASSOCIATIONS AND SAVINGS AND LOAN ASSOCIATIONS

7-1-786. Taxation.

No savings and loan association with a home office in this state shall be assessed or subjected to taxation by the state or any county, municipality, or other political subdivision taxing authority on its franchise, capital, reserves, surplus, loans, shares, or accounts; except that any real property and any tangible personal property not hereinbefore specifically mentioned, which may be owned by it, shall be subject to taxation to the same extent, according to its value, as all other real and tangible personal property is taxed.

(Ga. L. 1937-38, Ex. Sess., p. 307, § 13; Code 1933, § 41A-3517, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 2016, p. 390, § 7-4/HB 811.)

The 2016 amendment, effective July 1, 2016, deleted "building and loan association or" preceding "savings and loan association" at the beginning of this Code section.

JUDICIAL DECISIONS

Discussion of meaning of term franchise.

- See City of Griffin v. First Fed. Sav. & Loan Ass'n, 80 Ga. App. 217, 55 S.E.2d 771 (1949).

Savings and loan association is exempt from any license or occupation tax or fee for doing business in a city; and city ordinance, insofar as the ordinance attempts or purports to impose a license fee upon such association is invalid and prohibited. City of Griffin v. First Fed. Sav. & Loan Ass'n, 80 Ga. App. 217, 55 S.E.2d 771 (1949). But see City of Atlanta v. First Fed. Sav. & Loan Ass'n, 209 Ga. 517, 74 S.E.2d 243 (1953).

Exemption from taxation is not exemption from license or occupation fees.

- To properly construe meaning of the word franchise, it must be considered in connection with the other property for which an exemption from taxation was given. Franchises are property and former Code 1933, § 92-2302 (see now O.C.G.A. § 48-5-421) made provision for taxation of franchises. When the word franchise is considered in connection with other items exempted from taxation, it must be taken as meaning powers conferred by a sovereignty, and that exemption granted is from taxation of property right in powers so conferred, and not exemption from license or occupation fee required by municipality in order to do business. City of Atlanta v. First Fed. Sav. & Loan Ass'n, 209 Ga. 517, 74 S.E.2d 243 (1953).

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