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◆ 31 U.S.C. § 3124 STATE-TAX EXEMPTION • T-BILLS VS. BANK CDS & HYSA

US Treasury (T-Bill & Note) After-Tax & Holding-Period Yield Calculator

Interest on U.S. Treasury Bills and Notes is 100% exempt from state and local income taxes under 31 U.S.C. § 3124. Choose your holding tenor below to see both annualized net yield and exact holding-period cash interest.

DISPLAY SYMBOL (1:1 NO FX):
FRED · BLS · US-STATUTORY-2026.11 Plain-English A–Z Glossary →
Enter Your Numbers RUNS PRIVATELY IN YOUR BROWSER
$50,000
4.98%
4.35%
9.3% (T-Bills: 0%)
3.8%
Your Results & Breakdown 2026 U.S. FORMULA
U.S. Treasury After-Tax Net Yield
3.78%
$1,892/yr net cash (0% state tax)
Bank CD Equivalent APY Needed
5.67%
CD rate needed to match T-Bill after taxes
Holding-Period Net Interest (1Y)
$1,892
vs. $1,450 Bank CD (2.90% after Fed+State)
Real Yield After Inflation
-0.02%
After 3.8% annual CPI inflation
Ready: Type exact dollar or percentage figures or drag any slider to update your tax, interest, and cash-flow breakdown immediately.

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◆ METHODOLOGY & PLAIN-ENGLISH GUIDE (CLICK DOTTED TERMS FOR DEFINITIONS)

How Tax-Equivalent Yield Is Calculated

Because direct U.S. Treasury interest avoids state and local income taxes, a Bank CD must pay a higher pre-tax to leave you with the same after-tax dollars: Tax-Equivalent CD APY = Treasury After-Tax Yield / (1 - Combined Federal & State Marginal Tax Rate).