Municipal Bond Tax Breaks Draw Supreme Court Scrutiny on Constitutionality

(Bloomberg) -- The U.S. Supreme Court will consider
whether dozens of states are violating the Constitution by giving
holders of in-state municipal bonds tax breaks that aren't
available for bonds issued elsewhere.

The justices today agreed to review a Kentucky court
decision that said the state was unconstitutionally
discriminating against interstate commerce by taxing income from
out-of-state bonds while exempting earnings on local bonds.


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