NY Experts - NYS or political subdivisions of NYS exempt ?

[TAXNJ]

Other than from Forms IT-203 and IT-225-I instructions – can one provide a reference addressing if:

1 - Interest income on obligations of NYS or political subdivisions of NYS exempt from New York State tax?

2 - Also, capital gains from the sale of obligations of NYS or political subdivisions of NYS exempt from New York State tax?

[New York Enrolled Agent]

1. Try NYS Tax Law §§611, 612(b)(1) Also see TSB-M-95-4(I)

2. Capital gains on those sales are not exempt from NYS tax - NYS Tax Law §611

[TAXNJ]

Thank you – did not know if the TSB-M-95-4(I) was updated.

However, do not see where in NYS Tax Law §611 (for Capital gains on those sales are not exempt from NYS tax) – do you mean another §…?