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Corporate State Taxation |
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| Notes: | Bonds are designated "X" if taxable. All others are exempt or excluded from tax, or no income taxes are levied by those states. In certain cases, these designations pertain only to general obligation bonds, or to bonds in general. For example, a state may not generally exempt bonds, but some bonds may be specifically exempted by the laws authorizing their issuance.
| | - Subject to intangible property tax (repealed as of 1/1/2007 on Florida personal property, see Dept of Revenue IPPT).
- Interest from some obligations is exempt from tax.
- Taxable only if long form is used.
- Some bonds may be exempt by state law.
- Pro-rata adjustment is allowed.
- Interest on some obligations is exempt by law.
- Taxable only for gross income tax purposes.
- Interest on U.S. obligations and obligations of all states would not be taxable if the investment allocation percentage is zero. Otherwise, the interest is taxable at the investment allocation percentage.
| | State | State's Own Bonds | Other State's Bonds | | Alabama | | X | | Alaska (no tax) | | | | Arizona | | X | | Arkansas | | X | | California Franchise | X | X | | California Income | | X | | Colorado | | X | | Connecticut | X | X5 | | Delaware | | X | | District of Columbia | | X | | Florida | X | X1 | | Georgia | | X | | Hawaii | | X | | Idaho | | X | | Illinois | X6 | X6 | | Indiana | | X7 | | Iowa | X6 | X | | Kansas | | X | | Kentucky | | X | | Louisiana | | X | | Maine | | X | | Maryland | | X | | Massachusetts | X | X | | Michigan | | X | | Minnesota | X | X | | Mississippi | | X | | Missouri | | X | | Montana | X6 | X | | Nebraska | X | X | | Nevada (no tax) | | | | New Hampshire | | | | New Jersey | X | X | | New Mexico | | X | | New York | X | X | | North Carolina | | X | | North Dakota | | X | | Ohio | | | | Oklahoma | X6 | X | | Oregon | X | X | | Pennsylvania | | | | Rhode Island | | X | | South Carolina | | X | | South Dakota | X | X | | Tennessee | X | X | | Texas | | | | Utah | X | X | | Vermont | | X | | Virginia | | X | | Washington (no tax) | | | | West Virginia | X5 | X | | Wisconsin | X6 | X | | Wyoming (no tax) | | |
| | | | Source: Reproduced with permission from State Tax Guide, published and copyrighted by Commerce Clearing House, Inc., 4025 W. Peterson Ave., Chicago, Illinois 60646. Reflects law through 12/31/01, except (1).
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