Municipal Bond Reporting Information
(Interest on municipal bonds and Interest-dividends on federally tax-exempt mutual funds)
Municipal Bond Reporting is required when a person receives $10 or more of exempt interest or exempt interest dividends and pays as a nominee to an individual who is a resident of Minnesota. Any regulated investment company, bank, credit union, broker-dealer, or other investment firm that meets the $10 or more payment to a Minnesota resident must file an information return with the Minnesota Department of Revenue. (See Minnesota Statute 289A.12, subdivision 14.)