1550.3 Measure of Tax.

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.