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Taxation

Muni, Local Groups Wait at Edge of Cliff

DEC 31, 2012 2:31pm ET

Municipal bond and city interests are spending the final hours before the fiscal cliff deadline watching and waiting, remaining hopeful that lawmakers will agree on a slimmed-down last-minute deal not including any threats to the muni interest tax exemption.

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A recent phenomenon is the emergence of bonds with shorter call protection as funding alternatives for municipalities. However, the shorter call protection also dampens the potential upside for investors, which in turn reduces the price they are willing to pay.

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