Title 20, Chapter 3, Section 285
( 20-3-285)
One-half of the outstanding principal amount of loans guaranteed by
the corporation and owned by a lender as of January 1 each year
shall be deductible from the assets of the lender when determining
the value of shares of the lender, or when determining the net worth
of the lender, for purposes of any ad valorem taxation imposed on
the lender by the state or by any political subdivision of the
state. All income earned by a lender on loans guaranteed by the
corporation shall be exempt and free from any type of income tax
imposed on the lender by the state or by any political subdivision
of the state. It shall be the duty of all revenue and tax officials
of the state and of political subdivisions of the state to enforce
and give full force and effect to this Code section and to the
intent, hereby expressed, of the General Assembly better to assure
through this means the accessibility of educational loan funds to
local citizens and persons from local lending institutions. |