Perspective
Mar. 26, 2014
Proposed tax reform may penalize cities and states
The issuance of tax-exempt state and local governmental debt obligations historically has been an important tool for providing necessary public infrastructure for jurisdictions served. By Carol L. Lew
The issuance of tax-exempt state and local governmental debt obligations historically has been an important tool for providing necessary public infrastructure for jurisdictions served. The exclusion from gross income of interest on tax-exempt obligations, for federal income tax purposes, is provided in Section 103 and Sections 141 through 150 of the Internal Revenue Code of 1986, as amended.
Proposed limitations upon the long-standing e...
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