Inclusions in and exclusions from income

# (a)

Income from intangible personal property, including annuities, dividends, interest, and gains from the disposition of intangible personal property, shall constitute income derived from sources within the taxpayer's source state only to the extent that such income is from property employed in a business, trade, profession, or occupation carried on in his source state.

# (b)

Compensation paid by the United States for service in the Armed Forces of the United States, performed by an individual during an induction period, shall not constitute income derived from sources within his source state.

# (c)

There shall be excluded from income all amounts received:

# (1)

as a pension or retirement allowance,

# (2)

under a life insurance contract payable by reason of death,

# (3)

under a workmen's compensation act for personal injuries or sickness,

# (4)

through accident and health insurance for personal injuries or sickness except to the extent that such amounts are paid by or are attributable to contributions by the employer,

# (5)

by gift, bequest, devise or inheritance,

# (6)

as periodic payments for sickness and disability other than regular wages received during a period of sickness or disability.

# (7)

prizes received pursuant to the provisions of the State Lottery Law, P.L.1970, c. 13 shall be exempt from the tax imposed by this act.

# (8)

as payments commonly known as public assistance or unemployment compensation payments by any governmental agency; or

# (9)

as payments to reimburse actual expenses; or

# (10)

as payments made by employers or labor unions for programs covering hospitalization, sickness, disability or death, supplemental unemployment benefits, strike benefits, social security and retirement.

L.1971, c. 222, s. 20, approved June 17, 1971. Amended by L.1971, c. 354, s. 7; expired December 31, 1980 pursuant to L.1971,c.222,s.62.