Compilation of Rules and Regulations of the State of Georgia
Department 560 - RULES OF DEPARTMENT OF REVENUE
Chapter 560-12 - SALES AND USE TAX DIVISION
Subject 560-12-2 - SUBSTANTIVE RULES AND REGULATIONS
Rule 560-12-2-.11 - Banks, Savings and Loan Associations
Current through Rules and Regulations filed through March 20, 2024
(1) Effective December 24, 1969, all national and state banks, and savings and loan associations are subject to the tax. However, sales and use within the State of tangible personal property which is the subject matter of a written contract of purchase entered into prior to September 1, 1969 shall not be subject to the tax.
(2) The gross lease or rental charge for tangible personal property which is the subject matter of a written lease or rental contract entered into prior to September 1, 1969, shall not be subject to the tax for the term of such lease or until January 1, 1972, whichever comes first.
(3) Banks and savings and loan associations should pay the tax to suppliers of tangible personal property and services purchased, leased, used or consumed in their operations. However, if a seller fails to add the tax, the purchaser must remit the amount due to the State Revenue Commissioner. Such institutions regularly accruing sales and use tax should make application for Certificate of Registration and regularly file sales and use tax reports.
(4) Taxable purchases and leases include automobiles, checks, checkbooks, silverware, savings or piggy banks, office and maintenance supplies, furniture, equipment, advertising matter, etc., and the services described in the Act.
(5) Retail sales of repossessed and other tangible personal property, leases and rentals of tangible personal property are subject to the tax. When an institution engages in such activities, it must register as a dealer, collect and remit the tax.
(6) When a bank or savings and loan association purchases checks and other items for a customer and pays the tax at the time of purchase, the subsequent sale would not be deemed a taxable transaction.
(7) The rental of safety deposit boxes is not subject to the tax.
Ga. Code Ann. Secs. 92-3438a, 92-8405, 92-8406, 92-8409, 92-8427.
