S.C. Code Regs. 117-1550.3 — Measure of Tax

The income tax imposed by Section 12-13-30 shall be measured by the net income from all sources
except interest income as is specifically exempted by law from such tax. Exempt income items are: (1)
Income from obligations of the State of South Carolina and its political subdivisions. (2) Income from
obligations of the United States and its possessions.