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TeachMeFinance.com - explain tax-exempt tax-exempt -- the state of an investment that produces income not subject to federal and/or state income tax. For example, tax-exempt bonds are sold by local governments to finance such public projects as sewers, school construction and parks. Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.