---
title: O.C.G.A. § 33-58-1. Definitions.
collection: code
id: 33-58-1
cite_as: O.C.G.A. § 33-58-1 (2025)
canonical_url: https://georgiacommons.org/code/33-58-1
md_url: https://georgiacommons.org/code/33-58-1.md
text_url: https://georgiacommons.org/code/33-58-1/text
source_url: https://www.legis.ga.gov/api/document/docs/default-source/joint-features-document-library/t33-ch23-65-(v25)-2020-pdf.pdf?sfvrsn=68297_0#page=1015
date: 2025
status: active
corpus_version: 2025-supplement-89aa39ab3c68
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publisher: Georgia Commons, an independent project of Georgia Civic Data. Not the State of Georgia. Not legal advice.
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version: the only printed version
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current_through: Including Acts of the 2025 Regular Session of the General Assembly
heading_path: INSURANCE / CHARITABLE GIFT ANNUITIES
---

# O.C.G.A. § 33-58-1. Definitions.

As used in this chapter, the term:

(1) ‘‘Charitable gift annuity’’ means a transfer of cash or other property by a donor to a charitable organization in return for an annuity payable over one or two lives, under which the actuarial value of the annuity is less than the value of the cash or other property transferred and the difference in value constitutes a charitable deduction for federal tax purposes.

(2) ‘‘Charitable organization’’ means an entity described by:

(A) Section 501(c)(3), Internal Revenue Code of 1986 (26 U.S.C. Section 501(c)(3)); or

(B) Section 170(c), Internal Revenue Code of 1986 (26 U.S.C. Section 170(c)).

(3) ‘‘Qualified charitable gift annuity’’ means a charitable gift annuity described in Section 501(m)(5), Internal Revenue Code of 1986 (26 U.S.C. Section 501(m)(5)), and Section 514(c)(5), Internal Revenue Code of 1986 (26 U.S.C. Section 514(c)(5)), that is issued by a charitable organization that on the date of the annuity agreement:

(A) Has a minimum of $300,000.00 in unrestricted cash, cash equivalents, or publicly traded securities, exclusive of the assets funding the annuity agreement; and

(B) Has been in continuous operation for at least three years or is a successor or affiliate of a charitable organization that has been in continuous operation for at least three years.

## History

Code 1981, § 33-58-1, enacted by Ga. L. 2000, p. 868, § 1.