Supreme Court Upholds Tax Exemptions for Municipal Bonds

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Posted: 10:19 AM May 20, 2008
Last Updated: 10:19 AM May 20, 2008

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The Supreme Court has upheld long-standing state tax exemptions for municipal bonds.

In a 7-2 ruling on May 19 in a case from Kentucky, the justices permitted states to exempt interest on their own bonds from taxation while taxing residents for interest on bonds issued by other states.

States have said that throwing out the current system of exemptions would have a devastating impact on state finances.

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