 There are bonds issued from states that do not pay tax, like Florida and Texas, and those yields are higher. They're still federally tax-free, but those yields are higher because there's no state tax to deal with. So that's what it is. So tax-free bonds are great. The best thing to do, if you're interested in investing in tax-free bonds and you haven't done it before, or if you have and you're looking for what's available right now,