Staff Analysis of the Legislation
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This legislation requires the Department of Revenue to notify a local government when a refund request has been made that exceeds 10 percent of their average annual sales tax distribution. It also changes the interest rate owed on tax overpayment and delinquent taxes to the bank prime loan rate plus 3 percent. The penalty for delinquent property taxes is reduced initially to 5 percent after 120 days passed the due date then an additional 5 percent penalty is added for every additional 120 days passed due until a maximum penalty of 20 percent has been reached. Any penalties collected on city ad valolrem taxes must be sent to the city. Finally, automatic transmittal of refund request that remain pending for over a year to the Georgia Tax Tribunal. |
