Tax Equivalent Yield Calculator

Calculate municipal bond yields

This tax equivalent yield calculator will estimate the tax-equivalent yield, or TEY, for a municipal bond. Income generated from municipal bond coupon payments are not subject to federal income tax. In addition, if the bond was issued in the state of residence, you can also avoid state income taxes. Use this tax equivalent yield calculator to determine the yield required by a fully taxable bond to earn the same after tax income as a municipal bond.