A Proposal for the Elimination of the Exclusion for State Bond Interest
South Texas College of Law
Florida Law Review, Vol. 50, p. 145, 1998
A Proposal for the Elimination of the Exclusion for State Bond Interest suggests a novel replacement to § 103 of the Internal Revenue Code that eliminates the inefficiencies and inequities currently created by that provision. Section 103 functions primarily as a federal subsidy to state and local governments by allowing taxpayers to exclude from gross income the interest received from certain state bonds. This article asserts that § 103 should be reformed and proposes a "Credit-Equity" plan to replace the state subsidy currently provided by § 103. It also examines § 103's history, function, and prior proposals for its repeal or change.
Number of Pages in PDF File: 70Accepted Paper Series
Date posted: April 20, 2007
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