Interest or dividends on obligations of state or public bodies subtracted from federal taxable income
(1) In addition to the modifications to federal taxable income contained in this chapter, there shall be subtracted from federal taxable income, to the extent includable in gross income for federal income tax purposes, the interest or dividends on obligations of:
(a) The State of Oregon pursuant to ORS 286A.140 (State taxation of bond interest).
(b) A public body, as defined in ORS 287A.001 (Definitions for ORS chapter 287A).
(2) The amount subtracted under this section must be reduced by any interest on indebtedness incurred to carry the obligations or securities described in this section, and by any expenses incurred in the production of interest or dividend income described in this section. [1987 c.293 §23b; 1989 c.988 §1; 2007 c.783 §126; 2015 c.548 §5]
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.