30-20-208. (Temporary) Tax exemptions for providing loans to manufacturer of ammunition components -- conditions.
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/mt/title-30/chapter-20/part-2/30-20-208·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.)