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But the vast majority of sponsors exempt themselves from having to pay the tax by inserting the exemption in the offering plan.
The bank, which disclosed the exemption in a regulatory filing, has not yet made such transfers.
The Senate responded by adding language that would void the exemption in cases where the municipality is the creditor.
Increasing the exemption in line with inflation would cost $400 billion in forgone tax revenue over the next decade.
In an 8-to-1 decision, the court rejected a longstanding broad interpretation of the exemption in the lower courts.
It gained the exemption in 2001, and still uses that foam in a few spots on the shuttle fleet.
Similar(24)
They said they were exempt, citing the exemptions in the law.
"I imagine many jobs would be exempt, a bit like some of the exemptions in the Working Time Regulations".
The Senate needs to pare back the exemptions in the existing bill, not add more.
So by reducing tax evasion, by minimising the exemptions in the tax system.
The exemptions in America's tax codes run into the trillions.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com