GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 2025

S                                                                                                                                                     1

SENATE BILL 478

Short Title:      Enhancing Ag. Opportunities in Rural NC.		(Public)
Sponsors:	Senators Barnes, Sanderson, and B. Newton (Primary Sponsors).
Referred to:	Rules and Operations of the Senate

March 26, 2025

A BILL TO BE ENTITLED

AN ACT to provide banks an income tax deduction for interest, fees, and penalties RECEIVED from certain agricultural loans.

The General Assembly of North Carolina enacts:

SECTION 1.  G.S. 105‑130.5(b) is amended by adding a new subdivision to read:

"(33) Interest, fees, and penalties received by banks from loans secured by "agricultural land" as that term is defined in G.S. 105‑277.2."

SECTION 2.  This act is effective for taxable years beginning on or after January 1, 2025.