Section 8-131.1 – Establishment and Maintenance of Exclusion From Gross Income Interest on State Bonds

    (a)    (1)    In this section the following words have the meanings indicated.         (2)    “Code” means the Internal Revenue Code of 1986 and includes regulations and rulings issued under that Code.         (3)    “Proceeds” means money received from the sale of State bonds, and includes any money deemed to be proceeds of State bonds under the Code.     (b)    The Treasurer and the […]

Section 8-131.2 – Exemption From Taxation

    The State bonds, the transfer of State bonds, the interest payable on State bonds, and any income derived from State bonds, including profit realized in the sale or exchange of State bonds, are exempt from State and local taxes.