Bill Summary for S 478 (2025-2026)
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Summary date:
Mar 25 2025
Bill Information:
| 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.
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Bill summary
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.