Gross income shall not include interest on obligations (1) issued by or on behalf of this State or any county, municipality, school or other district, agency, authority, commission, instrumentality, public corporation (including one created or existing pursuant to agreement or compact with this or any other state), body corporate and politic or political subdivision of this State, or (2) those obligations which are statutorily free from State or local taxation under any other act of this State or under the laws of the United States.
N.J. Stat. Ann. § 54A:6-14
Interest on certain obligations
Applied in 1 court decision — leading case Department of Revenue of Kentucky v. Davis (2008)
Most recently applied in Department of Revenue of Kentucky v. Davis (May 2008)
L.1976, c. 47, s. 54A:6-14, eff
Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.