Ga. Comp. R. & Regs. R. 560-11-8-.13 - Secured Lines of Credit
(1) Intangible recording tax is due and
payable by the note holder, upon the recording of an instrument securing a
long-term revolving line of credit secured by real estate, a long-term line of
credit secured by real estate or long-term equity line of credit secured by
real estate on the total amount of the line of credit, whether advanced or
not.
(2) The determination of
whether the revolving line of credit, secured line of credit, or equity line of
credit is long-term is made at the time of recording from the face of the
instrument. If the term of the revolving line of credit, secured line of
credit, or the equity line of credit will extend beyond a three year period,
notwithstanding when advances will be advanced or repaid, the revolving line of
credit, the secured line of credit, or equity line of credit, will be deemed
long-term.
(3) The $25,000 maximum
intangible tax limit provided for in O.C.G.A. Section
48-6-61 shall apply with respect
to the total amount of credit contemplated by the line of credit. No additional
tax will be due on subsequent advances secured by the instrument as long as the
principal outstanding at any one time does not exceed the maximum amount
permitted to be outstanding as determined from the face of the
instrument.
Notes
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