High Court To Analyze Municipal Bond Issue

Law360, New York (November 2, 2007, 12:00 AM EDT) -- The U.S. Supreme Court will hear oral argument Monday in a case that will decide whether states can tax their own municipal bonds more favorably than out-of-state bonds.

About 43 states currently exempt the income earned on any bonds issued within their borders while taxing the income earned on bonds issued in other states, according to Len Weiser-Varon, a partner at Mintz Levin Cohn Ferris Glovsky and Popeo PC.

But if the High Court rules that this practice violates the Commerce Clause of the U.S. Constitution,...
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