Georgia § 12-3-274 - Authority property, activities, income, and bonds exempt from taxation and assessment.
Full text of Georgia Official Code of Georgia Annotated § 12-3-274 — Authority property, activities, income, and bonds exempt from taxation and assessment., with citation guidance and answers to common questions.
§ 12-3-274. Authority property, activities, income, and bonds exempt from taxation and assessment.
It is found, determined, and declared that the creation of the authority and the carrying out of its corporate purpose are in all respects for the benefit of the people of this state and constitute a public purpose and that the authority will be performing an essential governmental function in the exercise of the power conferred upon it by this part. This state covenants with the holders of the bonds that the authority shall be required to pay no taxes or assessments upon any of the property acquired or leased by it, or under its jurisdiction, control, possession, or supervision, or upon its activities in the operation or maintenance of the buildings erected or acquired by it, or upon any fees, rentals, or other charges received by the authority for the use of such buildings, or upon other income received by the authority and that the authority shall be exempt from all sales and use taxes. Further, this state covenants that the bonds of the authority, their transfer, and the income therefrom shall at all times be exempt from all taxation within the state. (Ga. L. 1950, p. 152, § 16; Ga. L. 1960, p. 89, § 1; Ga. L. 2007, p. 309, § 14/HB 219; Ga. L. 2007, p. 711, § 10/HB 214.) Code Commission notes. - The amendment of this Code section by Ga. L. 2007, p. 309, § 14, irreconcilably conflicted with and was treated as superseded by Ga. L. 2007, p. 711, § 10. See County of Butts v. Strahan, 151 Ga. 417 (1921).
Frequently Asked Questions About Georgia § 12-3-274
What does Official Code of Georgia Annotated § 12-3-274 cover?
Section 12-3-274 ("Authority property, activities, income, and bonds exempt from taxation and assessment.") is part of the Official Code of Georgia Annotated, the codified statutory law of Georgia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Georgia § 12-3-274?
A common citation format is "Official Code of Georgia Annotated § 12-3-274" (Georgia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Georgia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Georgia official source linked on this page or consult a licensed Georgia attorney.
How does Georgia § 12-3-274 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Georgia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Georgia.