§ 15-84. Financial institutions; levy of tax.

(a)

In accordance with O.C.G.A. § 48-6-93, there is hereby levied for each year an annual business license tax upon all depository financial institutions located within the City at a rate of 0.25 percent of the gross receipts of such depository financial institutions. The term "gross receipts" shall mean gross receipts as defined in O.C.G.A. § 48-6-93. The term "depository financial institutions" shall mean a bank or a savings and loan association.

(b)

The minimum annual amount of business license tax due from any depository financial institution pursuant to this section shall be $1,000.00.

(c)

Pursuant to O.C.G.A. § 48-6-93(c), each depository financial institute subject to this tax shall file a return of its gross receipts with the City Clerk by March 1 of the year following the year in which such gross receipts are measured. Such return shall be in the manner and in the form prescribed by the State Revenue Commissioner based on the allocation method set for in O.C.G.A. § 48-6-93(d). The Mayor and City Council shall assess and collect the tax levied pursuant hereto based upon the information provided in such return.

(d)

Taxes levied pursuant to this section shall be due no later than 30 days after filing of the return prescribed unless extended by the Mayor and City Council.

(e)

The City Clerk is hereby directed to forward a copy of the resolution from which this section is derived to each depository financial institution in the City and to the home office of each such depository financial institution if located outside the City.

(Code 1978, § 16-78; Ord. No. 1995-14, 12-7-1995)