Exempt interest definition

Exempt interest means income on obligations of any state other than Minnesota,

Exempt interest means income on obligations of any state other than Minnesota, or a political or governmental subdivision, municipality, or governmental agency or instrumentality of any state other than Minnesota, and exempt from federal income taxes under the Internal Revenue Code or any other federal statute.

Exempt interest means the interest on bonds, debentures, stock, or other securities of the Commonwealth, and includes the interest on any securities issued by a State or by any authority constituted by a law of a State the interest on which is exempted by the law of that State from income tax.

Examples of Exempt interest in a sentence

Exempt interest dividends paid by a mutual fund to a shareholder and not included in the shareholder’s adjusted gross income shall be added to adjusted gross income to the extent it represents interest on obligations of states, other than North Carolina, and their political subdivisions.
Resident passive income includes all types of interest except those listed below.• Exempt interest.
The purpose of the conflict of interest policy is to protect the Sunshine District’s Tax Exempt interest when it is contemplating entering into a transaction or arrangement that might benefit the private interest of an officer or director of the Sunshine District or might result in a possible excess benefit transaction.
Exempt interest relates mostly to interest earned on obligations of the United States and Puerto Rico Governments and certain mortgage-backed securities, including securities held by the Group's International Banking Entity.
Exempt interest and financing expenses are included in determining if the group’s net interest and financing expenses exceed $1,000,000.

Exempt interest means an Interest that is owned by a Special Member.

Exempt interest means any interest owned by the United States, the State of Wyoming, or an Indian tribe.

Exempt interest means interest which is not included in gross income of the recipient thereof for federal income tax purposes under Section 103 of the Code.

Exempt interest means any of the following: (

Exempt interest means interest which is excludable from gross income of the recipient thereof for federal income tax purposes under Section 103 of the Internal Revenue Code.

Exempt interest means, with respect to any regulated investment company, the excess of the amount of interest received by it during its taxable year on obligations, interest on which, if held by an individual, is exempt from taxation by this state, over the amounts that, if it were treated as an individual, would be disallowed as deductions under Section 17280 of this part or Section 171(a)(2) of the Internal Revenue Code.

Exempt interest means, collectively, (a) Terrxxxx X. Xxxx, xxs spouse, lineal descendants and ascendants, heirs, executors or other legal representatives and any trusts established for the benefit of the foregoing, (b) any company, corporation or other business entity a majority of the outstanding Voting Stock of which is owned beneficially and of record by a Person described in clause (a) of this definition or (c) a Subsidiary of the Parent provided that such Subsidiary shall constitute an Exempt Interest only for so long as a majority of the outstanding Voting Stock is "beneficially owned" (within the meaning of Rule 13d-3 under the Exchange Act), directly or indirectly, by the Parent.