Supreme Court Decisions to Have Limited Impact on Municipal Credits
Authors & Contributors
U.S. Municipal Bond Team
The U.S. Supreme Court rendered verdicts in two cases that could have broad implications on the municipal market: South Dakota v. Wayfair, Inc. and Janus v. American Federation of State, County, and Municipal Employees. The Wayfair decision, a ruling in favor of South Dakota, will allow states to assess sales taxes on online retail transactions. The Janus decision, a ruling in favor of plaintiff Mark Janus, prohibits public unions from requiring workers to pay union dues. While both decisions were close, decided by a 5-to-4 vote, the implications are significant for municipal credits, but the ultimate impact may be less than investors expect.
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