Municipal bonds are out there that are tax free. All are free of federal taxes. Some are double tax free--meaning they are also free of state taxes--usually in the state they are issued in. There are also triple tax free bonds that are free of local taxes in addition in some areas like New York City.I am not sure about Illinois, but I suspect you will be able to find both municipal bonds and bond funds that are free of both state and federal income taxes. Occasionally some bond funds will generate some capital gains income in addition that may be taxable, but the amounts are usually small.You can get yield information on these bonds from the links in message 40 on the Bond board. You will also find additional information on municipal bonds from the bond education links there.Best of luck to you.
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