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What federal securities are subject to Iowa tax?

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Question
What federal securities are subject to Iowa tax?

Answer

Deduct interest received from Federal securities (for example U.S. Savings Bonds, U.S. Treasury Notes). Do not subtract interest from repurchase agreements of U.S. Government securities.

The following are exempt: 

United States Government Obligations
United States Treasury - Principal and interest from bills, bonds, and notes issued by the United States Treasury exempt under 31 USCS Section 3124[a].

  1. Series E, F, G, and H Bonds
  2. United States Treasury Bills
  3. U.S. Government Certificates
  4. U.S. Government Bonds
  5. U.S. Government Notes

Territorial Obligations 

  1. Guam - Principal and interest from bonds issued by the Government of Guam (48 USCS Section 1423[a]).
  2. Puerto Rico - Principal and interest from bonds issued by the Government of Puerto Rico (48 USCS Section 745).
  3. Virgin Islands - Principal and interest from bonds issued by the Government of the Virgin Islands (48 USCS Section 1403).
  4. Northern Mariana Islands - Principal and interest from bonds issued by the Government of the Northern Mariana Islands (48 USCS Section 1681(c)).

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Article Details
Views: 630 Created on: Jun 15, 2013
Date updated: Dec 17, 2018
Posted in: States, Iowa

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