Which U.S. obligations do and don't qualify for this subtraction?

Interest or dividend income included in federal adjusted gross income from the following sources qualifies for subtraction from Nebraska income:
  1. U.S. government bonds, such as series EE and HH savings bonds
  2. U.S. Treasury bills
  3. U.S. government notes
  4. U.S. government certificates
  5. Commodity Credit Corporation
  6. Federal Home Loan Banks
  7. Federal Reserve Banks
  8. Federal Savings and Loan Insurance Corporation
  9. Tennessee Valley Authority bonds
  10. Interest on debentures issued to mortgagees of mortgages foreclosed under the National Housing Act if insured after February 3, 1938
  11. Postal Service bonds
  12. Retirement bonds as provided by IRC Section 409
  13. Farm Credit Bank Consolidated System-wide bonds
  14. Farm Credit System including the following members unless noted elsewhere:
    1. Federal Land Banks and Federal Land Bank Associations
    2. Federal Intermediate Credit Banks
    3. Federal Farm Mortgage Corporation
    4. Any other institution chartered by and subject to the supervision of the Farm Credit Administration unless noted elsewhere
  15. General Service Administration Participation Certificates
  16. Federal Housing Finance Board
  17. Resolution Trust Corporation
  18. Reconstruction Finance Corporation

Interest, but NOT dividend income, included in federal adjusted gross income from the following sources qualifies for subtraction from Nebraska income:
  1. Federal Deposit Insurance Corporation (FDIC)
  2. Student Loan Marketing Association
  3. Production Credit Association
  4. Central Bank for Cooperatives

Interest or dividend income from the following sources DOES NOT qualify for subtraction from Nebraska income (Do NOT enter your information if your interest or dividend income came from one of these sources):
  1. Federal or State Banks
  2. Federal or State Savings and Loan Associations
  3. Building and Loan Associations
  4. Postal Savings Accounts (discontinued in 1966)
  5. Export Import Bank bonds
  6. Federal or State Credit Unions
  7. Interest on debentures issued to mortgagees of mortgages foreclosed under the National Housing Act if insured before February 3, 1938
  8. Interest on federal income tax refunds
  9. Farmers Home Administration
  10. New Community debentures
  11. Merchant Marine bonds
  12. Ship Financing bonds
  13. U.S. Merchant Marine Ship notes
  14. U.S. Merchant Marine Offshore Ship Services notes
  15. Federal Home Loan Mortgage Corporation
  16. World Bank
  17. International Bank for Reconstruction and Development bonds
  18. Asian Development Bank notes and bonds
  19. Inter-American Development Bank bonds
  20. Interest from U.S. Government Life Insurance (unless exempted by IRC Section 101[d][1][B])
  21. Bankers' Acceptance
  22. Certificates of Deposit
  23. Penn Central Transportation certificates
  24. Federal Financing Bank
  25. Federal National Mortgage Association (FNMAs)
  26. Federal Mortgage Corporation (FMCs)
  27. Government National Mortgage Association (GNMAs)
  28. Crysler Corporation secured notes
  29. Lockheed convertible bonds
  30. Washington Metropolitan Area Transit Authority bonds
  31. Interest income from repurchase agreements involving U.S. government obligations
  32. Capital gains from the sale of U.S. government obligations

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