30-20-208: (Temporary) Tax exemptions for providing loans to manufacturer of ammunition components -- conditions.

(1) Subject to subsection (2), a lender or investor that provides loans to a person or entity in this state engaged in the primary business of the manufacture of ammunition components under the provisions of 30-20-207 is exempt from:

(a) individual income taxes as provided in Title 15, chapter 30; and

(b) corporate income or alternative corporate income taxes as provided in Title 15, chapter 31.

(2) The exemption provided for in this section:

(a) does not apply to an employer's share of employee payroll taxes that are used to finance state-mandated programs, including unemployment insurance and workers' compensation; and

(b) may be claimed only for income attributable to providing a bona fide loan in an arms' length transaction to a manufacturer of ammunition components that satisfies the conditions of 30-20-207. (Terminates December 31, 2035--sec. 11, Ch. 675, L. 2025.)