Amends GS 105-130.5(b) by adding new subdivision (33), which allows banks to deduct from their state taxable income the interest, fees, and penalties received on loans secured by agricultural land as defined in GS 105-277.2.
Effective for taxable years beginning on or after January 1, 2025.
ENHANCING AG. OPPORTUNITIES IN RURAL NC.
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| View NCGA Bill Details(link is external) | 2025-2026 Session |
AN ACT TO PROVIDE BANKS AN INCOME TAX DEDUCTION FOR INTEREST, FEES, AND PENALTIES RECEIVED FROM CERTAIN AGRICULTURAL LOANS.Intro. by Barnes, Sanderson, B. Newton.
Status: Ref To Com On Rules and Operations of the Senate (Senate action) (Mar 26 2025)
Bill History:
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Tue, 25 Mar 2025 Senate: Filed(link is external)
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Wed, 26 Mar 2025 Senate: Passed 1st Reading(link is external)
S 478
Bill Summaries:
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Bill S 478 (2025-2026)Summary date: Mar 25 2025 - View Summary
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