North Carolina SB 478: Enhancing Ag. Opportunities in Rural NC.

Status: Passed 1st Reading (as of 2025-03-26)

State: North Carolina · Session: 2025 · Bill: SB 478

Subjects: AGRICULTURE; CORPORATIONS, CORPORATE INCOME, FOR-PROFIT; FINANCIAL SERVICES; LOANS; PUBLIC; TAX DEDUCTIONS; TAXATION; TAXES

Sponsors: Barnes, Sanderson, B. Newton, Brinson, Burgin, Corbin, Craven, Ford, Galey, Hanig, Moffitt, Settle

Bill Text

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
*S478-v-1*
A BILL TO BE ENTITLED 1
AN ACT TO PROVIDE BANKS AN INCOME TAX DEDUCTION FOR INTEREST, FEES, 2
AND PENALTIES RECEIVED FROM CERTAIN AGRICULTURAL LOANS. 3
The General Assembly of North Carolina enacts: 4
SECTION 1. G.S. 105-130.5(b) is amended by adding a new subdivision to read: 5
"(33) Interest, fees, and penalties received by banks from loans secured by 6
"agricultural land" as that term is defined in G.S. 105-277.2." 7
SECTION 2. This act is effective for taxable years beginning on or after January 1, 8
2025. 9

View North Carolina SB 478 on LegisTrack → — full text, sponsors, votes, campaign finance, and cross-state matches.