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Interest income from most municipal bonds is excludable from gross income for federal income tax purposes, and may be exempt from state income tax as well, depending on the applicable state laws. [14] Internal Revenue Code section 103(a) is the statutory provision that excludes interest on municipal bonds from federal income tax. [15]
A general obligation bond is a common type of municipal bond in the United States that is secured by a state or local government's pledge to use legally-available resources, including tax revenues, to repay bondholders. [1]
When the issuer collects the taxes, the proceeds are then used to retire debt. The interest income is exempt from federal income tax for the recipient—a treatment similar to that for interest income from municipal bonds. Tax anticipation notes are short term notes, issued at a discount, with a maturity period usually less than a year or a ...
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The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended by the Securities Acts Amendments of 1975, Pub. L. 94–29, and codified at 15 U.S.C. § 78o-4(b)) to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and banks in the municipal securities business.
In order to help pay for its war effort in the American Civil War, Congress imposed the first federal income tax in U.S. history through passage of the Revenue Act of 1861. [75] The act created a flat tax of three percent on incomes above $800 (which was 5.6 times the 1861 nominal gross domestic product per capita of $144.31; the corresponding ...
Trump proposed exempting tips, Social Security and overtime pay from the income tax. These changes could affect the estimated 6 million Americans who rely on tips as part of their income and 56% ...
Build America Bonds are taxable municipal bonds that carry special tax credits and federal subsidies for either the bond issuer or the bondholder. Build America Bonds were created under Section 1531 of Title I of Division B of the American Recovery and Reinvestment Act that U.S. President Barack Obama signed into law on February 17, 2009.