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.