Municipal bonds (often called muni bonds) are bonds that are issued by a state, city, or other local government. Interest income received from the muni bonds are often exempt from the federal income tax and from the income tax of the state from which they were issued.
Municipal bonds are subject to availability and change in price. They are subject to market and interest rate risk if sold prior to maturity. Bond values will decline as interest rates rise. Interest income may be subject to the alternative minimum tax. Municipal bonds are federally tax-free but other state and local taxes may apply. If sold prior to maturity, capital gains tax could apply.
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