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Nebraska Regulated Investment Company Dividends

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Question
Are Nebraska Regulated Investment Company Dividends Deductible?

Answer

Interest income from state and local government obligations is exempt federally, but is taxable in Nebraska, except interest on bonds issued by Nebraska state and local government subdivisions. This also includes interest on federally taxable bonds (known as Build America Bonds) issued by Nebraska state and local subdivisions under the American Recovery and Reinvestment Act. Interest income from non-Nebraska state and local government obligations must be reported as an adjustment increasing federal adjusted gross income (AGI) for Nebraska purposes.


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Article Details
Views: 1065 Created on: Jun 15, 2013
Date updated: Dec 24, 2018
Posted in: States, Nebraska

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