HB 586 Signed into Law: A Legislative Win for Georgia’s Community Banks

“Given our advocacy efforts on the issue, it was an honor to watch Governor Kemp sign HB 586 into law,” said John McNair, President and CEO of the Community Bankers Association of Georgia. HB 586 amends the intangible recording tax law. It revises the definition of a "long-term note secured by real estate," changing it from a note with principal due in more than three years to one with principal due in more than 62 months from its origination date.

“This legislation helps level the playing field for community banks, allowing them to compete more fairly against larger banks and tax-exempt financial services companies,” McNair stated.

During the summer, legislators approached the Community Bankers Association of Georgia to discuss how the state could further support community banks. “We are proud to serve as a resource for policymakers as they consider ways to strengthen Georgia's robust network of community banks, which are vital to local economic development.  We appreciate the opportunity to express our support for this effort,” said Lori Godfrey, CBA Chief Operating Officer and Executive Vice President of Government and Regulatory Relations.

Representative Bruce Williamson (R-Monroe) sponsored HB 586 and guided it to passage. The bill received broad, bipartisan support in both the House and Senate.

A special thank you to CBA’s advocacy consulting firm, Fiveash Stanley, for their invaluable guidance in navigating the legislative process.