Credit unions shall not be subject to any tax except the ad valorem tax upon property imposed by the Constitution of this state unless made subject thereto by express provision of the law specifically naming credit unions and making them subject thereto. All ad valorem taxes against credit unions shall be assessed upon the value of their shares, including surplus and undivided profits, and not upon their assets, other than real estate; and the rate of taxation shall not exceed the rate of taxation imposed on banking corporations, provided that, so long as federal credit unions are exempt from the payment of the tax imposed under this Code section, state credit unions shall likewise be exempt.
(Ga. L. 1925, p. 165, § 24; Code 1933, § 25-123; Ga. L. 1943, p. 279, § 2; Code 1933, § 41A-3113, enacted by Ga. L. 1974, p. 705, § 1.)
Law reviews.- For comment, "If It Quacks Like a Duck: In Light of Today's Financial Environment, Should Credit Unions Continue to Enjoy Tax Exemptions?," see 28 Ga. St. U.L. Rev. 1367 (2012).
OPINIONS OF THE ATTORNEY GENERAL
Editor's notes.
- In light of the similarity of the statutory provisions, annotations decided under former Code 1933, §§ 25-101 and 25-123 are included in the annotations for this Code section.
Credit unions are exempt from Corporate Franchise Tax Act.- State and federal credit unions are exempt under present laws from taxes imposed under the Corporate Franchise Tax Act. 1965-66 Op. Att'y Gen. No. 66-92 (decided under former Code 1933, §§ 25-101 and 25-123).
Credit union purchases exempt from Sales and Use Tax Act.
- Former Code 1933, § 41A-3113 (see now O.C.G.A. § 7-1-662) being later in time than the Sales and Use Tax Act contained in former Code 1933, Ch. 92-34A (see now O.C.G.A. § 48-8-1 et seq.) will exempt purchases of credit unions from taxes imposed by the Sales and Use Tax Act. 1974 Op. Att'y Gen. No. 74-136.