12 CSR 10-2.150 - Tax Exempt Status of United States Government-Related Obligations

PURPOSE: This rule notifies the public of the exempt or nonexempt status of United States government obligations pursuant to section 143.121, RSMo.

(1) Any obligations issued pursuant to the provisions of an Act of Congress of the United States known as the Farm Credit Act of 1971 are tax exempt. Obligations issued by the following United States government agencies and other exempt entities are tax exempt: Banks for Cooperatives, Federal Intermediate Credit Banks, Federal Land Banks, Federal Home Loan Banks, United States Postal Service, Federal Housing Administration Debentures, Public Housing Notes and Bonds, General Services Administration, Small Business Administration, Tennessee Valley Authority, Student Loan Marketing Association, Treasury Bills and Bonds, United States Individual Retirement Bonds, United States Series E. Bonds, United States Series H. Bonds, Commodity Credit Corporation, Federal Deposit Insurance Corporation, Federal Farm Loan Corporation, Federal Financing Bank Obligations, General Insurance Fund, National Credit Union Central Liquidity Facility, National Farm Loan Association, Public Debt, United States Certificates of Indebtedness, United States Freedom Shares, Zero Coupon Bonds, Certificate of Accrual on Treasury Securities (Cats), Zero Coupon Based Rate Adjustment Securities (Zebras), Treasury Investment Growth Receipts (Tigrs), Financial Corporation Bonds, Resolution Funding Corporation Bonds, Educational Institution Bonds, Financing Corporation Obligations, Puerto Rican Bonds, American Samoa, Guam, Northern Mallana Covenant, Northern Mariana, Virgin Islands, Federal Farm Credit Banks and Junior College Building Corporation Bonds, Series B, 1988.

(2) Obligations issued by the following United States government-related agencies are not tax exempt: Federal Home Loan Mortgage Corporation, Federal National Mortgage Association, Government National Mortgage Association, New Communities Debentures, Export-Import Bank of United States, Farmers Home Administration, Washington Metropolitan Area Transit Authority and Repurchase Agreements.

(3) See 12 CSR 10-2.155 with respect to the Missouri income taxation of interest received from a mutual fund or regulated investment company.

(4) The list of obligations provided in this regulation is not all inclusive.

Notes

12 CSR 10-2.150

AUTHORITY: section 143.961, RSMo 1994.* Original rule filed Dec. 23, 1985, effective May 29, 1986. Emergency amendment filed Dec. 2, 1992, effective Jan. 1, 1993, expired April 30, 1993. Emergency amendment filed April 14, 1993, effective May 1, 1993, expired Aug. 28, 1993. Amended: Filed Dec. 2, 1992, effective July 7, 1993.

AUTHORITY: section 143.961, RSMo 1994.* Original rule filed Dec. 23, 1985, effective May 29, 1986. Emergency amendment filed Dec. 2, 1992, effective Jan. 1, 1993, expired April 30, 1993. Emergency amendment filed April 14, 1993, effective May 1, 1993, expired Aug. 28, 1993. Amended: Filed Dec. 2, 1992, effective July 7, 1993.