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.
History. 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).
Structure Georgia Code
Title 48 - Revenue and Taxation
Chapter 2 - State Administrative Organization, Administration, and Enforcement
§ 48-2-31. Currency in Which Taxes to Be Paid
§ 48-2-34. Failure to Give Official Receipt for Payment of Taxes or License Fees; Penalty
§ 48-2-35.1. Refund of Sales and Use Taxes; Expedited Refunds
§ 48-2-36. Extension of Time for Returns
§ 48-2-37. Preparation of Delinquent Returns
§ 48-2-38. Due Date; Interest on Deferred Taxes
§ 48-2-39. When Date for Payment or Filing on Holiday
§ 48-2-40. Rate of Interest on Past Due Taxes
§ 48-2-41. Authority to Waive Interest on Unpaid Taxes
§ 48-2-42. Nature of Penalties
§ 48-2-43. Authority to Waive Penalties
§ 48-2-45. Service of Notice of Assessment
§ 48-2-46. Procedures for Protests
§ 48-2-47. Final Assessments and License Fees
§ 48-2-48. Deficiency Assessments; Interest
§ 48-2-49. Periods of Limitation for Assessment of Taxes
§ 48-2-50. Review of Assessments; Certifications
§ 48-2-51. Jeopardy Assessments; Collection; Bond
§ 48-2-52. Personal Liability of Corporate Officer or Employee for Tax Delinquency
§ 48-2-53. Compelled Production of Evidence
§ 48-2-54. Action by Commissioner to Collect Unpaid Tax
§ 48-2-54.1. Authorization to Charge Taxpayer’s Account
§ 48-2-55. Attachment and Garnishment; Levy
§ 48-2-56. Liens for Taxes; Priority
§ 48-2-57. Effect of Judicial Sale on State Tax Lien
§ 48-2-58. Release of Property Subject to State Tax Lien
§ 48-2-59. Appeals; Payment of Taxes Admittedly Owed; Bond; Costs
§ 48-2-60. Compromise Settlements; Penalty Refunds
§ 48-2-61. Effect of Actions Taken to Avoid Payment of Taxes; Liability
§ 48-2-62. Penalties for Tax Return Preparers; Prohibition on Continuing to Prepare Returns; Refunds