The United States Supreme Court is now considering a case to determine if the resident of the state of Kentucky has to pay state income taxes on an out of state municipal bond. If they rule in favor of the investor, this would be a huge benefit to those who put their money in municipal bonds. It would mean that New Yorkers could buy California munis and not pay state income tax on the interest, and vice versa. This would mean that muni investors could greatly diversify their portfolios out of state. You can see an analysis of this court decision at
fmsbonds.com.
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