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You’re considering a municipal bond with a yield of 3 percent and a taxable bond with a yield of 4 percent. Tax-equivalent yield = Interest rate / (1 – tax rate)
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]
For example, imagine you pay federal tax at a 24 percent rate and state tax at a rate of 6 percent, and the municipal bond offers a yield of 3 percent.
If interest rates increase, the market value of existing bonds with lower rates decreases, resulting in potential losses. And like munis, corporate bond prices are also sensitive to changes in ...
That perception could thus potentially allow a local government to borrow at a lower interest rate, saving its taxpayers' money over the life of the bonds. Despite that advantage, many states, such as California under Proposition 13 , do not allow local governments to issue unlimited-tax general obligation debt without a public vote .
EMMA provides free on-line access to centralized new issue municipal securities disclosure documents (known as official statements), [1] on-going continuing disclosures for all municipal securities, [1] escrow deposit agreements for advance refundings (i.e., refinancings) of outstanding bonds, [2] real-time municipal bond trade price ...
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