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Glossary Term: DOUBLE EXEMPTION

Definition(s) for DOUBLE EXEMPTION:


1. ) Securities that are exempt from state as well as federal income taxes are said to have double exemption. In states where this exemption occurs, the exemption is usually only for bonds issued by the state or its local governments. An exception to this rule is the bond debt of U.S. territories such as Guam. Debt of Puerto Rico is also double exempt.



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