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Rating:State Muni-Bond Taxation Practices Look to be Upheld by the Supremes Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, November 06, 2007

State Muni-Bond Taxation Practices Look to be Upheld by the Supremes

by: Erin Kello

The supreme court yesterday seemed set to uphold states' rights to tax the muni-bonds of other states while exempting their own bonds from taxation. The AP reports that Chief Justice John Roberts said that "this is an area where Congress can regulate," and then added that Congress has never taken steps to prevent states from giving preference to their own bonds. According to ICI data, 230 mutual funds with $210 billion in assets invest in municipal bonds nationwide. The case, filed in 2003 by a Kentucky couple, claims that a state taxing another state's bonds while exempting its own is unconstitutional.  

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