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NEBRASKA DEPT. OF REVENUE v. LOEWENSTEIN

No. 93-823.

513 U.S. 123 (1994)

NEBRASKA DEPARTMENT OF REVENUE v. LOEWENSTEIN

United States Supreme Court.

Decided December 12, 1994.

Attorney(s) appearing for the Case

L. Jay Bartel, Assistant Attorney General of Nebraska, argued the cause for petitioner. With him on the briefs was Don Stenberg, Attorney General.

Terry R. Wittler argued the cause for respondent. With him on the brief was Larry A. Holle.*

Thomas, J., delivered the opinion for a unanimous Court.

Justice Thomas, delivered the opinion of the Court.

We took this case to decide whether States may tax interest income derived from repurchase agreements involving federal securities. If the income that taxpayers earn by participating in such agreements constitutes interest on federal securities, then the taxation violates 31 U. S. C. § 3124(a), which exempts interest on "obligations of the United States Government"...

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