Does Maryland tax income from U.S. Government Securities?

Forum|Forum|2 years ago
February 14, 2024
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Major brokerages such as Fidelity and Vanguard publishes Percentage of Income from U.S. Government Securities each year that shows what percentage of income from their mutual funds are eligible income from U.S. Government securities / obligations.

Does Maryland tax exempt such income from state/local tax? Based on Maryland Administrative Release No. 11 (https://www.marylandtaxes.gov/forms/Tax_Publications/Administrative_Releases/Income_and_Estate_Tax_Releases/ar_it11.pdf), it looks like Maryland exempt such income from taxation. Anyone know? Many thanks.

ThomasM125

Based on the article you site, the interest on U.S. government securities held in mutual funds would be exempt from Maryland tax. This would make sense as in general for all states Interest income on U.S. government securities is exempt from state personal income tax.

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