Fulton Levies New Tax on Banks in Cities
(AJC) — Fulton County is levying a new tax on the gross revenues of banks in incorporated areas, part of an effort to compensate for its own revenues dwindling amid the housing market decline. The change is expected to generate an extra $2.3 million in 2011, according to Finance Director Patrick O’Connor. The county already had a Georgia Financial Institutions Business License Tax in place for unincorporated south Fulton that brings in about $700,000 per year. The commission voted Wednesday to expand it to the entire county, and since most of Fulton municipal governments also require the tax, banks in cities will have to pay it twice.
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