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:
Interest, but NOT dividend income, included in federal adjusted gross income from the following sources qualifies for subtraction from Nebraska income:
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):
- U.S. government bonds, such as series EE and HH savings bonds
- U.S. Treasury bills
- U.S. government notes
- U.S. government certificates
- Commodity Credit Corporation
- Federal Home Loan Banks
- Federal Reserve Banks
- Federal Savings and Loan Insurance Corporation
- Tennessee Valley Authority bonds
- Interest on debentures issued to mortgagees of mortgages foreclosed under the National Housing Act if insured after February 3, 1938
- Postal Service bonds
- Retirement bonds as provided by IRC Section 409
- Farm Credit Bank Consolidated System-wide bonds
- Farm Credit System including the following members unless noted elsewhere:
- Federal Land Banks and Federal Land Bank Associations
- Federal Intermediate Credit Banks
- Federal Farm Mortgage Corporation
- Any other institution chartered by and subject to the supervision of the Farm Credit Administration unless noted elsewhere
- General Service Administration Participation Certificates
- Federal Housing Finance Board
- Resolution Trust Corporation
- Reconstruction Finance Corporation
Interest, but NOT dividend income, included in federal adjusted gross income from the following sources qualifies for subtraction from Nebraska income:
- Federal Deposit Insurance Corporation (FDIC)
- Student Loan Marketing Association
- Production Credit Association
- 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):
- Federal or State Banks
- Federal or State Savings and Loan Associations
- Building and Loan Associations
- Postal Savings Accounts (discontinued in 1966)
- Export Import Bank bonds
- Federal or State Credit Unions
- Interest on debentures issued to mortgagees of mortgages foreclosed under the National Housing Act if insured before February 3, 1938
- Interest on federal income tax refunds
- Farmers Home Administration
- New Community debentures
- Merchant Marine bonds
- Ship Financing bonds
- U.S. Merchant Marine Ship notes
- U.S. Merchant Marine Offshore Ship Services notes
- Federal Home Loan Mortgage Corporation
- World Bank
- International Bank for Reconstruction and Development bonds
- Asian Development Bank notes and bonds
- Inter-American Development Bank bonds
- Interest from U.S. Government Life Insurance (unless exempted by IRC Section 101[d][1][B])
- Bankers' Acceptance
- Certificates of Deposit
- Penn Central Transportation certificates
- Federal Financing Bank
- Federal National Mortgage Association (FNMAs)
- Federal Mortgage Corporation (FMCs)
- Government National Mortgage Association (GNMAs)
- Crysler Corporation secured notes
- Lockheed convertible bonds
- Washington Metropolitan Area Transit Authority bonds
- Interest income from repurchase agreements involving U.S. government obligations
- Capital gains from the sale of U.S. government obligations
