Or. Admin. R. 150-316-0513 - Modification of Federal Taxable Income: Adding Interest or Dividends of the United States Exempted by Federal Income Tax Law

150-316-0513 - Modification of Federal Taxable Income: Adding Interest or Dividends of the United States Exempted by Federal Income Tax Law

150-316-0513
Modification of Federal Taxable Income: Adding Interest or Dividends of the United States Exempted by Federal Income Tax Law

Interest or dividend income attributable to obligations of any authority, commission, instrumentality or territorial possession of the United States, which by the laws of the United States is exempt from federal income taxation but not from state income taxation, shall be added to federal taxable income. Costs incurred to carry the income-producing securities may be deducted, to the extent those costs are not already deducted in arriving at federal taxable income.

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