?
A reader asked the Question;
“I have been reading that all 50 state governments have investments in Israel’s government, and that our state income taxes are used to advance government programs there. Is this true? What should state citizens know?”
It is an important question, and the answer requires separating three very different things: a state investing public money, a state spending tax revenue on a program, and an elected official having political or professional connections.
What the records confirm
- Texas: In February 2026, the state comptroller announced an increase in its Israel Bonds investment from about $140 million to $280 million.
- Illinois: In February 2026, the state treasurer reported $100 million in Israel Bonds, about one-quarter of one percent of a $39 billion state investment portfolio. The treasurer described the holdings as an investment decision under state rules.
- Ohio: In February 2025, the state treasurer announced a $35 million Israel Bond purchase and reported $262.5 million in holdings at that time.
These are purchases of bonds issued by the government of Israel. Buying a bond means lending money in exchange for promised interest and repayment. The funds can support the issuer’s general financing, but a bond purchase alone does not prove that a particular state tax payment was earmarked for a particular foreign government program.
Does every state invest?
We could not verify the claim that all 50 states invest in Israel Bonds. A public-records tracking project lists confirmed or suspected holdings in some states and marks many others “unconfirmed.” Unconfirmed does not mean zero; it means the available documentation is insufficient. The seller of Israel Bonds serves investors across all 50 states, but offering bonds nationwide is not evidence that every state government owns them.
What about Massachusetts?
A public-records tracker says it has not yet confirmed Israel Bond holdings for the Massachusetts State Treasurer’s Office. That is not proof that Massachusetts has no exposure: public pension funds, local governments, and the state treasury are distinct entities, each requiring its own records. Lists of officials’ affiliations are not substitutes for investment statements or appropriation records.
What citizens can ask
- 1. Which public fund made the purchase: the treasury, a pension system, or a city or county?
- What bonds are held, in what amounts, and when do they mature?
- What law or investment policy authorized the transaction?
- Were general tax receipts, pension assets, or another pool of public money used?
- Is there any documented appropriation for a specific foreign government program, separate from the bond investment?
Starting with the state treasurer’s investment reports, pension fund holdings, legislative budget documents, and public-records requests. Ask for dates and amounts, not just general statements about “ties.”
The bottom line
Yes, some states invest public funds in Israeli government bonds. No, the available evidence does not support claiming that all 50 states do so. And investing in a government bond is not the same as directly funding a named government program through a state budget. Citizens are entitled to ask where public money goes—and to receive precise, documented answers.
— Mare 🌹
Sources for readers
Texas Comptroller, February 12, 2026: https://comptroller.texas.gov/about/media-center/news/20260212-acting-comptroller-kelly-hancock-doubles-texas-investment-in-israel-bonds-marking-largest-purchase-in-state-history-1770753243996
Illinois Treasurer, February 2026: https://www.illinoistreasurer.gov/wp-content/uploads/2026/02/investment-earnings-release-2025-final.pdf
Ohio Treasurer, February 7, 2025: https://www.tos.ohio.gov/newsroom/article/treasurer-robert-sprague-announces-35-million-israel-bond-purchase
Public-records tracker (advocacy project; verify against primary documents): https://nobonds.techforpalestine.org/tracker/
Massachusetts treasury tracker entry: https://nobonds.techforpalestine.org/entity/ma-treasury/