Bill > HB586

This bill amends Georgia's intangible recording tax law by changing the definition of a "long-term note secured by real estate" from a note with principal due more than three years to a note with principal due more than 62 months from its origination date. The bill modifies three sections of the state code to implement this change, specifically updating requirements for instruments conveying, encumbering, or creating liens on real estate. Under the revised law, when a note falls due within 62 months (instead of the previous three-year threshold), a simplified statement in the security instrument can be used to indicate the due date, rather than specifying the exact date. This change affects how real estate transactions are documented and taxed, potentially providing more flexibility for property owners and lenders in structuring loan and purchase agreements. The bill also removes a previously existing paragraph related to definitions and ensures that any laws conflicting with this act are repealed.

Budget and Finance

https://www.legis.ga.gov/legislation/70695