GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1991

H	1 

HOUSE BILL 1219

Short Title:  No Excessive Interest Deduction.	(Public)
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Sponsors: Representative Withrow.
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Referred to:  Finance.
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May 10, 1991

A BILL TO BE ENTITLED
AN ACT TO DISALLOW CORPORATE INTEREST DEDUCTIONS FOR CERTAIN HIGH-INTEREST BONDS.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 105-130.5(a) is amended by adding a new subdivision to read:
"(12)	Interest paid on a bond or debenture issued by the taxpayer at a rate above twelve percent (12%) to the extent the amount paid exceeds the amount that would have been payable at the rate of twelve percent (12%)."
Sec. 2.  This act is effective for taxable years beginning on or after January 1, 1991.