Tax Exemption of Municipal Securities
Most municipal securities bear interest that is exempt from federal and state income taxation. That is a valuable feature of those municipal securities. Some municipal securities are subject to the alternative minimum tax. Social security (and railroad retirement) recipients may wish to consult tax advisors about tax treatment of interest they receive on municipal securities. Some taxable municipal securities are issued. The incidence of taxable municipal securities increased during the financial crisis with the availability of certain federal subsidy programs (now expired).
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