Financial Services Partner Jay Baris was quoted in an Ignites article regarding potential changes in the way states tax municipal bond income. The possible changes stem from a case in Kentucky in which two investors sued the state for taxing income generated by municipal bonds issued in other states, but allowing income generated by bonds issued in-state to remain tax free. A Kentucky state court ruled that the state was indeed violating interstate commerce laws. If the federal Supreme Court decides to hear the case and sides with the Kentucky state court’s decision, then all states will likely tax income from all municipal bonds, regardless of where they are issued. States may also decide not to tax any bonds. Baris was quoted as saying that any tax changes could have an extensive impact on the fund industry. He said that fund shops would have to update their prospectuses to reflect the change in tax of income generated, and that they would likely see an increase in questions from investors who are concerned about the changes in the taxing of the funds.