Justice Brennan delivered the opinion of the Court. Section 310(b)(1) of the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), Pub. L. 97-248, 96 Stat. 596, 26 U. S. C. § 103 (j)(1), removes the federal income tax exemption for interest earned on publicly offered long-term bonds issued by state and local governments unless those…
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