Bloomberg Tax
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Tax
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

Even SALT-Pinched Minnesotans Flocking to ‘Last Great Tax Haven’

March 13, 2019, 5:46 PM

It’s not only residents of high-cost coastal states that are plowing into municipal bonds as a haven from the new deduction limits. It’s happening in Minnesota, too.

Pinched by the new cap on state and local tax deductions, Minnesota residents are buying up municipal debt to reduce their tax burden because the securities pay interest that’s exempt from federal and state taxes. New York and California investors have gotten plenty of attention for helping drive a $20 billion influx of cash into municipal mutual funds in 2019. But there’s also more interest in the asset class by investors living in ...