GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1989

S	2 

SENATE BILL 50
Finance Committee Substitute Adopted 8/2/89

Short Title:  Home Loan Bank Exemption.	(Public)
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Sponsors:
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Referred to:  
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January 25, 1989

A BILL TO BE ENTITLED
AN ACT TO CLARIFY THAT INCOME DERIVED FROM DEPOSITS AT THE FEDERAL HOME LOAN BANK IS EXEMPT FROM STATE INCOME TAX.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 105-228.23(a) reads as rewritten:
	"(a) Income Tax. – Every savings and loan association shall annually file an income tax return with the Secretary of Revenue and pay an income tax equal to that which the association would be required to pay under Article 4 of Subchapter I of this Chapter if it was not exempt from that Article; provided, that interest earned on deposits at the Federal Home Loan Bank of Atlanta, or its successor, shall be exempt from taxation."
Sec. 2.  This act is effective upon ratification and shall apply to tax years beginning on or after January 1, 1989.