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Posted by Bob L on April 15, 2007, 1:03 pm
Please log in for more thread options > Bob L wrote:
>> I've got 2006 interest from Federal Farm Credit Bank (FFCB)
>> and Federal Home Loan Bank (FFLB) bonds. Is this interest
>> subject to state tax?
> They are not subject to state taxation. Here is a
> comprehensive list of those obligations not subject to state
> tax and I have also included a list of those obligations
> that taxpayers sometimes confuse with tax-exempt obligations
> (i.e., they are taxable by the states. Data is sourced from
> State of Kentucky regulations:
>
> (1) The list in this subsection shall serve as examples of
> departments, agencies, and instrumentalities that issue
> United States government obligations from which interest
> income shall be exempt from state taxation.
>
> (a) U.S. Treasury (Bonds);
> (b) U.S. Treasury (Series EE and HH Savings Bonds and I Bonds);
> (c) U.S. Treasury (Certificates of Indebtedness);
> (d) U.S. Treasury (Bills);
> (e) U.S. Treasury (Notes);
> (f) U.S. Treasury (Note and Bond "Strips");
> (g) Commodity Credit Corporation;
> (h) Central Banks for Cooperatives and Banks for Cooperatives;
> (i) Farm Credit Banks;
> (j) Federal Land Bank Associations;
> (k) Production Credit Associations;
> (l) Farm Credit System Financial Assistance Corporation;
> (m) Federal Deposit Insurance Corporation;
> (n) Federal Financing Bank;
> (o) Federal Home Loan Banks;
> (p) Federal Savings and Loan Insurance Corporation;
> (q) General Insurance Fund, Department of Housing and Urban
> Development, Rental Housing Insurance, War Housing
> Insurance Project, Rental Housing Project, Armed
> Services Housing, National Defense Housing Insurance,
> Neighborhood Conservation Housing Insurance;
> (r) Guam (Bonds);
> (s) Puerto Rico (Bonds);
> (t) Virgin Islands (General Obligation Bonds and Public
> Improvement Bonds);
> (u) American Samoa (Industrial Development Bonds);
> (v) Student Loan Marketing Association (SLMA or
> "Sallie Mae");
> (w) Tennessee Valley Authority (Bonds); or
> (x) United States Postal Service.
>
> (2) The list in this subsection shall serve as examples of
> organizations which issue obligations from which interest
> income shall be taxable for Kentucky income tax purposes.
>
> (a) Bank Certificates of Deposit;
> (b) Farmers Home Administration;
> (c) Federal Home Loan Mortgage Corp. (FHLMC or "Freddie
> Mac");
> (d) Federal National Mortgage Association (FNMA or
> "Fannie Mae");
> (e) Government National Mortgage Association (GNMA or
> "Ginnie Mae");
> (f) Inter-American Development Bank;
> (g) International Bank for Reconstruction and Development
> (World Bank); or
> (h) International Monetary Fund.
Thanks!
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