Municipal bonds are generally issued by state and local government to fund capital improvement projects. Local government include countries, cities, school district, and other administrative divisions of the states that have been granted the authority to issue bonds. The federal government does not tax municipal bond interest.
Some state and local governments do not tax interest from any municipal bonds. Others tax interest from municipal bonds issued by state or local governments other than their own. Other states tax interest from all municipal bonds, including their own.
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