First Sentence:
Section 310(b)(1) of the Tax Equity and Fiscal Responsibility Act of 1902 removes the federal income tax exemption for interest earned on publicly offered long-term bonds (hereinafter referred to as bonds) issued by state and local governments (hereinafter referred to collectively as States) unless those bonds are issued in registered (as opposed to bearer) form.
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Key Phrases - Statistically Improbable Phrases (SIPs):
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secondary market disclosure, municipal interest income, taxable bond rate, significant obligor, consumption optima, saving arbitrage, capital programming process, arbitrage rebate regulations, bank interest deduction, diligence opinion, municipal securities disclosure, annual financial information, gross capital income, municipal debt finance, final official statement, financial accounting variables, state bond interest, municipal securities dealers, tax immunity doctrine, debt advisory committee, higher education debt, participating underwriter, industrial base diversification, interest rate ratio, public offering amount
Key Phrases - Capitalized Phrases (CAPs):
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New York, Federal Reserve, United States, New Jersey, South Carolina, Saint Paul, Exchange Act, Tenth Amendment, Government Finance Officers Association, Internal Revenue Service, Kutak Rock, Urban Law Section, San Francisco, World War, University of Maryland, Englewood Cliffs, House Budget Committee, Anthony Commission, Senate Finance Committee, Sixteenth Amendment, Advisory Commission, General Accounting Office, Bank of England, Milton Friedman, Morgan Stanley
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