The fate of a New York law that would impose taxes on certain tobacco sales on Indian reservations won’t impact tax-exempt bonds issued to finance Seneca Nation projects, a Standard & Poor’s analyst said.

The $4.94 per-pack state tax, which was to go into effect Sept. 1, was projected to raise $150 million for the state’s general fund in fiscal 2011. A state appellate judge blocked the tax, which would have applied only to non-Native Americans purchasing tobacco products on reservations, pending a hearing next week.

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