Georgia Intangibles Tax Exemption

In Georgia, loan transactions involving Long Term Loans are subject to a Georgia's Intangible Tax calculated at the rate of $3.00 per thousand dollar borrowed.  There are a few statutory exemptions including a little know "Credit Union Exemption." The citation below is from the Georgia Department of Revenue Rules.

Consumer's should be aware that getting a loan through a credit union does not guarantee the exemption.  For example if the credit union acts as a mortgage broker and the loan originates through a non-exempt third party lender, the credit union exemption does not apply.

Questions about the credit union intangibles tax exemption should be directed to a Georgia licensed residential real estate attorney, Atlanta closing attorney or Georgia land-title company

560-11-8-.14 Exemptions.

Any mortgage, deed to secure debt, purchase money deed to secure debt, bond for title or any other form of security instrument is not subject to intangible recording tax where any of the following applies:


(b) Where any of the following is Grantee: a federal credit union, a state of Georgia chartered credit union, or a church.


Authority O.C.G.A. Secs. 48-5-41(a)(1)(A), 48-6-22, 48-6-60, 48-6-65(a), 48-6-65(a)(2), 48-6-65(b)(1). History. Original Rule entitled "Exemptions" adopted. F. Jun. 17, 1996; eff. Jul. 7, 1996. 

Clear here to understand more about the Georgia Intangibles Tax.

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