reciprocal immunity

reciprocal immunity definition - business

reciprocal immunity

The tax immunity that interest payments on federal securities have against state and local authorities, and that interest payments on state and local securities have against federal authorities. Although not specifically stated as such in the U.S. Constitution, reciprocal immunity has been recognized by the U.S. Supreme Court.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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