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 state-chartered 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. OPINIONS OF THE ATTORNEY GENERAL Effect on § 48-6-93(a). — O.C.G.A. § 48-6-98 operates to qualify or restrain the general terms of O.C.G.A. § 48-6-93(a) as applied to savings and loan associations. 1984 Op. Att'y Gen. No. 84-58.