@clomein1 Thanks for the thorough and informative response. I am going to file my state return treating AMD as tax-exempt on the state level. I will put a tickler on my calendar to follow-up on this post with either a yay or nay on whether I hear from Oregon. (not hearing doesn't mean its the correct treatment, but at least its a data point).
Your analysis of yield spreads on muni's and treasuries makes sense, but I'm not sure States will consider financial markets when making decisions on taxability. I would think the market would adapt (as it did for munis).
Seems like we got a vote for non-taxable from NH and PA.
