Kentucky v. Davis update

Bloomberg provides this update on the Kentucky v. Davis Supreme Court decision. It is taking awhile to get a ruling.

The court heard arguments Nov. 5 on the special tax breaks that 42 states provide to municipal bonds issued within their borders. At the time, many analysts and lawyers predicted a quick decision that would allow in-state exemptions and overturn a Kentucky court ruling that declared them unconstitutional.

Five months later, the bond market is still waiting — and in some quarters wondering whether the holdup signals something other than a clear-cut victory for existing tax rules.

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