What interest income is not taxable in South Carolina?
A. The following interest is not subject to tax in South Carolina: a. interest on obligations of South Carolina, b. interest on obligations of any of South Carolina’s political subdivisions, and c. interest on obligation of the United States. Interest from the following list of securities is exempt from South Carolina income tax. This list should not be considered as an exhaustive listing of all exempt securities. a. Bonds Issued by South Carolina or its Political Subdivisions – Interest from obligations issued by the State of South Carolina or any of its political subdivisions which are exempt from federal income tax. b. Banks for Cooperatives – Interest from notes, debentures, and other obligations issued by Banks for Cooperatives. (12 USC 2134.) c. Commodity Credit Corporation – Interest derived from bonds, notes, debentures, and other similar obligations issued by Commodity Credit Corporation. (15 USC 713a-5.) d. Farm Credit Financial Assistance Corporation – Interest derived from
