Interest on the obligations of the U.S.government,states,territories,and U.S.possessions and their political subdivisions are tax-exempt.

Name: Interest on the obligations of the U.S.government,states,territories,and U.S.possessions and their political subdivisions are tax-exempt.
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Interest on U.S. government obligations is generally taxable, but interest on certain state and local government bonds (municipal bonds) may be tax-exempt.

Interest on the Obligations of the U