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North Carolina Administrative Code Title 17 — Revenue

17 NCAC 05C .0403

U.S. Obligations

Official textreports.oah.state.nc.us

# (a)

Net interest income earned on bonds, notes, or other obligations of the United States or its possessions is exempt from income taxation in this State so long as interest on obligations of the State of North Carolina and its political subdivisions is exempt from income taxes imposed by the United States. For the interest income to be deductible, the obligation shall be in writing, bear interest, be a binding promise by the United States to pay specific amounts at specific dates, and be specifically authorized by Congress.

# (b)

Net interest from obligations that are backed, insured, or guaranteed by the United States, but are not direct obligations of the United States Government, shall not be deductible.

Last amended: Authority G.S. 105-130.5; 105-262; Eff. February 1, 1976; Amended Eff. January 1, 1995; April 1, 1991; October 23, 1977; Readopted Eff. May 1, 2018.

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In this chapter (40 sections)
  1. 17-05b-1702 · Corporations Fully Exempt
  2. 17-05b-1703 · Franchise Motor Carriers
  3. 17-05b-1704 · Regulated Investment Companies
  4. 17-05c-0101 · Domestic And Foreign Corporations Required To File
  5. 17-05c-0102 · Doing Business Defined
  6. 17-05c-0103 · Corporations Operating In Interstate Commerce
  7. 17-05c-0104 · Tax Rate And Basis For The Tax
  8. 17-05c-0105 · Corporations Required To Allocate Income
  9. 17-05c-0106 · When In Doubt As To Liability
  10. 17-05c-0107 · Tax Forms Mailed To Taxpayer
  11. 17-05c-0108 · Due Date Of Return
  12. 17-05c-0201 · Preliminary Statement
  13. 17-05c-0202 · Amount Of Credit Allowable
  14. 17-05c-0203 · Building Code And Other Requirements
  15. 17-05c-0301 · Preliminary Statement
  16. 17-05c-0302 · Adjustments To Federal Taxable Income
  17. 17-05c-0303 · Miscellaneous
  18. 17-05c-0304 · Attribution Of Expenses To Nontaxable Income
  19. 17-05c-0401 · North Carolina Obligations
  20. 17-05c-0402 · Obligations Of Other States
  21. 17-05c-0403 · U.S. Obligations
  22. 17-05c-0404 · Sales Or Exchanges
  23. 17-05c-0405 · Obligations Of Federal National Mortgage Association
  24. 17-05c-0406 · Mortgage Backed Certificate Guaranteed By Gnma
  25. 17-05c-0407 · Repurchase Agreements
  26. 17-05c-0501 · Preliminary Statement
  27. 17-05c-0502 · Reporting Net Income Or Loss To North Carolina
  28. 17-05c-0601 · Preliminary Statement
  29. 17-05c-0602 · Definition Of Taxpayer
  30. 17-05c-0603 · In General
  31. 17-05c-0604 · When A Taxpayer Is Subject To Tax
  32. 17-05c-0605 · When A State Has Jurisdiction
  33. 17-05c-0701 · Division Of Income: In General
  34. 17-05c-0702 · Business And Nonbusiness Income Defined
  35. 17-05c-0703 · Business And Nonbusiness Income
  36. 17-05c-0704 · Proration Of Deductions
  37. 17-05c-0801 · In General
  38. 17-05c-0802 · Property Used For The Production Of Apportionable Income
  39. 17-05c-0803 · Consistency In Reporting
  40. 17-05c-0804 · Numerator
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