§ 6-62. Determination of gross receipts.

For purposes of this article "gross receipts" shall mean the total amount of revenue generated from the sources itemized below during the calendar year immediately preceding the date on which the tax imposed by this article is due.

(1)

Items to be included in the calculation of gross receipts with respect to banks are as follows:

a.

Interest and fees on loans, less any interest collected on those portions of loans sold and serviced for others.

b.

Interest on balances with other depository financial institutions.

c.

Interest on federal or correspondent funds sold and securities purchased under agreements of resale.

d.

Interest on other bonds, notes and debentures, excluding interest on obligations in the state or its political subdivisions and obligations on the United States.

e.

Dividends on stocks.

f.

Income from direct lease financing.

g.

Income from fiduciary activities.

h.

Service charges on deposit accounts.

i.

Other service charges, commissions and fees.

j.

Other income.

(2)

Items to be included in the calculation of gross receipts with respect to savings and loan associations are as follows:

a.

Interest on mortgage loans less any interest collected on those portions of loans sold in service for others.

b.

Interest on mortgages, participations or mortgage-backed securities.

c.

Interest on real estate sold on contract.

d.

Discounts on mortgage loans purchased.

e.

Interest on other loans, excluding interest on obligations of the state or its political subdivisions and obligations of the United States.

f.

Interest and dividends on investments and deposits.

g.

Loan fees.

h.

Loan servicing fees.

i.

Other fees and charges.

j.

Gross income from real estate owned operations.

k.

Net income from office building operations.

l.

Gross income from real estate held for investment.

m.

Net income from service corporations and subsidiaries.

n.

Miscellaneous operating income.

o.

Profit on sale of real estate owned, investment securities, loans and other assets.

p.

Miscellaneous nonoperating income.

(3)

The following items shall be deducted from gross receipts calculated pursuant to subsection (1) or (2) above:

a.

An amount equal to the amount of interest paid on all liabilities for the period.

b.

An amount equal to income derived from the authorized activities of any domestic international banking facility operating pursuant to O.C.G.A. § 7-1-710 et seq.

c.

An amount equal to any income arising from the conduct of a banking business with persons or entities located outside of the United States, its territories or possessions.

d.

An amount equal to a depository financial institution's gross income which is taxed under the tax laws of a state other than Georgia.

e.

To the extent that any deductions are made pursuant to subsections (3)b., c., and d. of this section, any deductions taken under subsection (3)a. of this section shall be reduced by the same portions that the deductions in subsections (3)b. through d. of this section bear to the gross receipts of the depository financial institution as calculated before making any deductions pursuant to subsections (3)a. through d. of this section.

(Ord. No. 0-83-23, § 2, 10-4-83)