In addition to its exemption from federal income taxes, a portion
of your tax-exempt income may be free from state and local income
taxes, depending on the tax laws of your state or local taxing
authority. If you own one of Van Kampen’s national tax-exempt
trusts, the percentage of your trust’s tax exempt income by state is
outlined in the table on page three. Tax-exempt income and income
subject to federal AMT may be found on Form 1099-INT.
We recommend you consult your tax advisor to determine whether
you are eligible for state tax exemption for this portion of your
trust’s income.
Refer to the following listing for your trust name and symbol.
|
Trust Name
 |
Symbol
|
| Advantage Municipal Income Trust II |
VKI |
| Municipal Opportunity Trust |
VMO |
| Municipal Trust |
VKQ |
| Select Sector Municipal Trust |
VKL |
| Trust for Insured Municipals |
VIM |
| Trust for Investment Grade Municipals |
VGM |
|
|
|
|
|
|
|
|
|
State
|
VKI
|
VMO
|
VKQ
|
VKL
|
VIM
|
VGM
|
| AL |
1.73%% |
3.09% |
2.09% |
1.28% |
4.87% |
1.69% |
| AK |
0.61% |
0.58% |
0.87% |
0.38% |
0.00% |
1.14% |
| AZ |
3.60% |
2.50% |
1.61% |
1.68% |
1.41% |
2.13% |
| AR |
0.30% |
0.00% |
0.24% |
0.75% |
0.23% |
0.07% |
| CA |
16.76% |
10.36% |
16.64% |
13.35% |
9.61% |
12.88% |
| CO |
2.37% |
2.27% |
2.98% |
3.99% |
4.88% |
2.22% |
| CT |
0.53% |
1.09% |
1.91% |
0.35% |
0.29% |
0.54% |
| DE |
0.00% |
0.11% |
0.00% |
0.00% |
0.61% |
0.08% |
| DC |
0.49% |
1.31% |
0.65% |
0.00% |
0.79% |
0.55% |
| FL |
3.72% |
1.71% |
6.09% |
0.65% |
4.68% |
15.62% |
| GA |
1.56% |
2.21% |
1.15% |
2.03% |
1.18% |
2.07% |
| Guam |
0.00% |
0.00% |
0.65% |
0.00% |
0.00% |
0.45% |
| HI |
1.06% |
0.00% |
0.00% |
0.03% |
1.66% |
0.00% |
| ID |
0.04% |
0.07% |
0.03% |
4.81% |
0.03% |
0.03% |
| IL |
7.29% |
6.87% |
8.83% |
3.93% |
13.18% |
5.33% |
| IN |
1.96% |
2.45% |
1.70% |
3.39% |
2.71% |
1.72% |
| IA |
0.51% |
0.88% |
0.82% |
2.33% |
0.00% |
1.34% |
| KS |
0.64% |
0.18% |
0.43% |
0.66% |
0.51% |
0.51% |
| KY |
0.39% |
1.25% |
0.56% |
2.72% |
4.54% |
1.03% |
| LA |
3.31% |
1.38% |
1.79% |
0.25% |
3.03% |
0.89% |
| ME |
0.00% |
0.00% |
0.00% |
3.41% |
0.00% |
0.00% |
| MD |
1.76% |
1.32% |
1.02% |
2.33% |
0.52% |
0.71% |
| MA |
1.98% |
2.28% |
1.72% |
1.04% |
0.00% |
1.42% |
| MI |
1.95% |
0.57% |
1.98% |
0.61% |
1.90% |
3.06% |
| MN |
0.60% |
1.26% |
0.54% |
0.63% |
0.30% |
1.05% |
| MS |
0.59% |
0.07% |
0.01% |
3.07% |
0.00% |
0.06% |
| MO |
3.50% |
2.08% |
3.49% |
0.38% |
2.65% |
1.61% |
| MT |
0.20% |
0.00% |
0.00% |
0.49% |
0.00% |
0.00% |
| NE |
1.02% |
0.74% |
0.34% |
0.74% |
0.46% |
0.27% |
| NV |
2.48% |
2.76% |
1.60% |
0.06% |
1.75% |
1.45% |
| NH |
0.39% |
0.39% |
0.91% |
5.33% |
0.00% |
0.20% |
| NJ |
5.51% |
9.13% |
5.87% |
1.10% |
0.22% |
4.23% |
| NM |
0.14% |
0.34% |
0.15% |
8.65% |
0.04% |
0.10% |
| NY |
6.49% |
8.78% |
9.57% |
2.52% |
2.16% |
9.12% |
| NC |
0.29% |
4.03% |
1.63% |
0.11% |
0.78% |
2.95% |
| ND |
0.00% |
0.12% |
0.23% |
1.62% |
0.00% |
0.16% |
| OH |
2.06% |
1.24% |
2.06% |
2.53% |
3.70% |
1.47% |
| OK |
0.60% |
1.96% |
0.59% |
0.23% |
1.06% |
0.55% |
| OR |
1.61% |
1.08% |
0.55% |
0.33% |
1.34% |
1.07% |
| PA |
0.54% |
1.39% |
1.94% |
1.54% |
4.62% |
1.82% |
| PR |
2.70% |
1.31% |
0.68% |
0.13% |
2.44% |
0.86% |
| RI |
0.00% |
0.00% |
0.02% |
3.57% |
1.06% |
0.04% |
| SC |
1.93% |
2.34% |
2.57% |
0.86% |
4.17% |
3.30% |
| SD |
0.28% |
0.84% |
0.16% |
3.07% |
0.92% |
0.52% |
| TN |
2.95% |
1.04% |
1.32% |
5.14% |
0.44% |
1.50% |
| TX |
7.42% |
9.15% |
6.11% |
0.47% |
9.23% |
6.94% |
| USVI |
0.00% |
0.00% |
0.00% |
0.68% |
0.18% |
0.22% |
| UT |
0.30% |
0.28% |
0.02% |
0.01% |
0.00% |
0.08% |
| VT |
0.00% |
0.00% |
0.20% |
0.00% |
0.00% |
0.00% |
| VA |
1.16% |
0.37% |
1.29% |
4.93% |
0.82% |
1.03% |
| WA |
2.90% |
4.83% |
2.33% |
1.14% |
3.27% |
2.96% |
| WV |
1.10% |
1.11% |
0.89% |
0.66% |
1.02% |
0.30% |
| WI |
0.46% |
0.75% |
1.15% |
0.04% |
0.74% |
0.49% |
| WY |
0.22% |
0.13% |
0.02% |
0.00% |
0.00% |
0.17% |
| Fed AMT % |
15.68% |
18.99% |
11.62% |
16.09% |
26.85% |
12.21% |
Federal Alternative Minimum Tax (AMT)
The federal Alternative Minimum Tax (AMT) applies to individuals
who enjoy certain tax benefits, such as large deductions or
exclusions from income. This tax prevents them from avoiding a
minimum tax liability on their income. Federal AMT income may be
found on Form 1099-INT.
If your tax-exempt trust invests in certain private activity bonds,
you could be subject to the federal AMT. The percentage of your
trust’s tax-exempt income that is subject to the AMT is outlined
as follows:
- State-specific trusts—use the information in the table below.
- National trusts—refer to the table above.
|
Trust Name
|
AMT%
|
|
California Value Municipal Income Trust (VCV) |
9.85% |
| Massachusetts Value Municipal Income Trust (VMV) |
14.68% |
| Ohio Quality Municipal Trust (VOQ) |
8.86% |
| Pennsylvania Value Municipal Income Trust (VPV) |
14.80% |
| Trust for Investment Grade Florida Municipals (VTF) |
16.41% |
| Trust for Investment Grade New Jersey Municipals (VTJ) |
7.54% |
| Trust for Investment Grade New York Municipals (VTN) |
11.40% |
Other Closed-End Funds
For shareholders in the trusts listed below, all the information you’ll
need to complete your tax return can be found on your Form
1099-DIV. You do not need any additional information about your
trust’s income sources.
- Dynamic Credit Opportunities (VTA)
- Senior Income Trust (VVR)
Income from U.S. Government Obligations
In many states, the portion of your trust’s income that is derived from
U.S. treasury bonds is exempt from state income taxes. In a few states,
income derived from other government agencies is also free from state
income taxes. The percentage of 2007 ordinary income attributable to
government and agency obligations is listed below. Primary obligations
represent direct investments in Treasury securities, while secondary
obligations are direct investments in generally qualifying U.S. agency
obligations. Please consult your tax advisor to determine whether this
income is taxed in your state.
| Fund/Trust Name |
Percentage |
|
Bond Fund (VBF)
|
|
| Primary Obligations |
16.91% |
| Secondary Obligations |
2.08% |
|
Income Trust (VIN)
|
|
| Primary Obligations |
16.21% |
| Secondary Obligations |
17.30% |
|
High Income Trust II (VLT)
|
|
| Primary Obligations |
0.38% |
| NOTE: Neither fund had more than 50% in qualifying government securities at
each quarter end. |
|
Van Kampen does not offer tax advice. Please
consult your tax advisor for tax-related issues.
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