Muni’s tax-exempt status upheld

Today the U.S. Supreme Court voted 7-2 to uphold a state’s right to provide tax-exempt status to in-state municipal bonds.

Read full WSJ story

The ruling overturns a Kentucky appeals court holding that had said the practice violates the U.S. Constitution because it discriminates against out-of-state bonds. The outcome means the opinion will require no changes in the current structure and operation of the market for public municipal bonds, including private-activity bonds.

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