Doctrine establishing that interest earned on federal debt will not be taxed by state or local governments, and interest earned on state and local government debt will not be taxed by the federal government.
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An agreement between federal and state and local taxing authorities mandating mutual exclusion in taxation of interest. The interest paid on any security issued ...
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Definition of mutual exclusion doctrine: Doctrine establishing that interest earned on federal debt will not be taxed by state or local governments, and interest ...
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Mutual Exclusion Doctrine: The tenet that rules municipal bond interest is federal tax-free. In return for this federal tax exemption, states and localities cannot tax ...
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