17 N.C. Admin. Code 6B.4101

Current through Register Vol. 39, No. 6, September 16, 2024

Section 06B .4101 - GENERAL

(a) Exempt interest dividends paid by a regulated investment company ("mutual fund") to a shareholder and not included in the shareholder's federal 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.

(b) The total distribution designated as exempt interest dividends by a regulated investment company ("mutual fund") shall be added to adjusted gross income in computing the shareholder's North Carolina taxable income, unless the regulated investment company provides a statement to the shareholder that designates the portion of the exempt interest dividends that represents interest from obligations of the State of North Carolina or its political subdivisions or the United States or its possessions.

17 N.C. Admin. Code 06B .4101

Authority G.S. 105-153.4; 105-153.5(c)(1); 105-262;
Eff. June 1, 1990;
Amended Eff. June 1, 1993;
Readopted Eff. May 1, 2016.

Authority G.S. 105-134.5; 105-262;
Eff. June 1, 1990;
Amended Eff. June 1, 1993.

Amended by North Carolina Register Volume 30, Issue 23, June 1, 2016 effective 5/1/2016.