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Interest income on U.S. government bonds Enter the amount of interest income from U.S. government bonds or other U.S. government obligations that is included in the amount you reported on line 2. (This may be all or part of the line 2 amount, or it may be zero. Check your interest income records to determine the correct amount to enter here.) Interest income on bonds or other obligations of the U.S. government is not taxed by New York State.
Dividends you received from a regulated investment company (mutual fund) that invests in obligations of the U.S. government and meets the 50% asset requirement each quarter qualify for the subtraction here. Once this requirement is met, the portion of the dividends you receive that may be subtracted is based upon the portion of taxable income received by the mutual fund that is derived from federal obligations (section 612(c)(1) of the Tax Law). Further information relating to meeting the 50% asset requirement and figuring your allowable subtraction (if any), can be obtained from the mutual fund. If you include an amount here from more than one line on Form IT-201, attach a schedule showing the breakdown from each line. (You will need to paper file to do this.) Do not list the same interest more than once under subtractions; see the instructions for line 30, subtractions S-1 and S-3 on page 23 of your Instruction book or on the New York Treasury Web Site .
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