S.C. Code Regs. 117-1550.3 - Measure of Tax

The income tax imposed by Section 12-13-30 shall be measured by the net income from all sources except interest income as is specifically exempted by law from such tax. Exempt income items are: (1) Income from obligations of the State of South Carolina and its political subdivisions. (2) Income from obligations of the United States and its possessions.

Notes

S.C. Code Regs. 117-1550.3
Added by State Register Volume 27, Issue No. 6, Part 2, eff June 27, 2003.

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