A new tax on income from out-of-state municipal bonds that kicked in this year on District residents is “causing chaos” with accountants, according to Ward 2 Councilman Jack Evans.
The confusion over which bonds to tax and which ones to leave along is perplexing accountants as they try to make sense of the law during tax season. The problem lies in the fact that only interest earned on muni bonds purchased on or after Jan. 1 this year are being taxed.
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