TAX EXEMPT INCOME CHECKLIST
CHAPTER 148-1.03(11)
SECTION 148-1.041(A) defines “Municipal Taxable Income” for a resident as “Income” reduced by “Exempt Income” as listed below:
| EXEMPT INCOME | CHAPTER 148-1.03 |
|---|---|
| Active duty military pay and allowances | (11)(A) |
| Alimony and child support received | (11)(G) |
| Capital gains | (11)(B) |
| Contributions to a Section 125 Plan (cafeteria or flexible spending account) | (11)(L) as defined in (34)(A)(i) |
| Disability payments | (11)(C) |
| Dividend income | (11)(B) |
| Election compensation for person serving as precinct election official <$1,000 | (11)(E) |
| Gains from involuntary conversions | (11)(J) |
| Interest income | (11)(B) |
| Insurance proceeds or awards for personal injuries or property damages to the extent that it does not represent wage compensation | (11)(H) |
| Minors’ (< 18 years of age) municipal income | (11)(O) |
| Proceeds of sickness, accident, or liability insurance policies | (11)(C) |