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NC S478
Bill
AI Summary
- Banks would receive a state income tax deduction for interest, fees, and penalties received from loans secured by agricultural land
- Amends G.S. 105-130.5(b) by adding a new subdivision (33) to the existing tax code
- Agricultural land is defined by reference to G.S. 105-277.2, which governs present-use value taxation for farmland
- Effective for taxable years beginning on or after January 1, 2025
- Primary sponsors are Senators Barnes, Sanderson, and B. Newton; referred to Senate Rules and Operations Committee
Legislative Description
Enhancing Ag. Opportunities in Rural NC
Public
Last Action
Ref To Com On Rules and Operations of the Senate
3/26/2025
Committee Referrals
Rules and Operations of the Senate3/26/2025
Full Bill Text
No bill text available