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.

HISTORY: Added by State Register Volume 27, Issue No. 6, Part 2, eff June 27, 2003.