Section 10 Interest on State and Local Government Obligations
| Library | Tax Law 2009 |
Missouri law requires a corporation to include in its Missouri taxable income amounts received as interest from “certain governmental obligations excluded from federal gross income by Section 103 of the Internal Revenue Code.” Section 143.121.2(b), RSMo Supp. 2007. In general, I.R.C. § 103(a) excludes from federal gross income the “interest on any State or local bond.” Section 143.121.2(b) specifically provides, however, that this addition to federal taxable income does not include “interest on obligations...
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