Tax-Exempt Bonds, 2005
Agency decision
Ask Donna
What actually matters in this document.
Text
Tax-Exempt Bonds, 2005
by Cynthia Belmonte
S
tate and local governments can issue bonds to
finance a variety of projects, including construction or improvement of essential facilities
and infrastructure, as well as to help provide services
for their citizens.1 Bonds issued by State and local
governments are classified as either “governmental”
or “private activity,” depending on whether the proceeds are used and secured by public or private entities and resources. When a bond is issued, the issuer
is obligated to repay the borrowed bond proceeds, at
a specified rate of interest, by some future date. For
Federal income tax purposes, investors who purchase
governmental bonds and certain types of private activity bonds are allowed to exclude the bond interest
from their gross incomes.2 This tax exemption effectively lowers the borrowing cost incurred by tax-exempt debt issuers, since holders of tax-exempt bonds
are generally willing to accept an interest rate lower
than that earned on comparable taxable bonds.
Both governmental and private activity bonds
are obligations issued by or on behalf of State and local governmental units; it is the use of proceeds that
differentiates the two. Governmental bond proceeds
finance essential government operations, facilities,
and services that are for general public use. Private
activity bond proceeds are used by a private entity.
Internal Revenue Code (IRC) section 141 defines a
bond as a private activity bond if either of the following applies: 1) the private business tests set forth in
IRC section 141(b); or 2) the private loan financing
test set forth in IRC section 141(c).3 Over the years,
Congress has deemed certain types of private activiCynthia Belmonte is an economist with the Special Studies
Special Projects Section. This data release was prepared
under the direction of Barry W. Johnson, Chief.
ties necessary for the public good and, therefore, has
enacted legislation to make them eligible for tax-exempt financing. These types of qualified bonds are
defined in IRC section 141(e).4 In addition to these
requirements, the interest exclusion for tax-exempt
bonds is not allowed for arbitrage bonds and bonds
not in registered form.5, 6
Bond Volume, by Term and Type of Issue
Issue Year 2005 marked a record year for tax-exempt
bond issuances. Governmental bonds worth $364.5
billion were issued in 2005, a 10.3-percent increase
over the $330.4 billion issued in 2004. The majority of this amount, more than 85 percent, was raised
through the issue of long-term bonds (i.e., having
maturities of 13 months or more). Long-term bond
issues are mainly used to fund construction or other
capital improvement projects. Most short-term governmental bonds are issued as tax anticipation notes
(TANs), revenue anticipation notes (RANs), or bond
anticipation notes (BANs). TANs and RANs generally mature within 1 year of issuance, at which time
the proceeds are paid from specific tax receipts or
other revenue sources. BANs are often used to cover
certain upfront costs associated with a long-term
project for which a future bond will be issued. A
BAN is later paid off from the proceeds of the future
bond issue or by a renewal BAN. Combined, TANs,
RANs, and BANs comprised 90.9 percent of the
$53.2 billion of short-term tax-exempt governmental
bond proceeds for 2005.
Total bond issuance is composed of both new
money issues and refunding issues. The proceeds
of new money issues finance new capital projects,
while proceeds of refunding issues retire outstanding
debt. The dollar volume of new money issuances of
1 The term “State” includes the District of Columbia and any possession of the United States.
2 In addition, for State income tax purposes, some States allow for the exclusion of interest on bonds issued by government agencies within their own States, thus increasing
156
the benefit to bondholders.
3 The private business tests of IRC section 141(b) define a bond as a private activity bond if both of the following criteria are met: 1) more than 10 percent of the bond
proceeds are used for a private business purpose; and, 2) more than 10 percent of the bond debt service is derived from private business use and is secured by privately used
property. The private loan financing test of IRC section 141(c) defines a bond as a private activity bond if the amount of proceeds used to (directly or indirectly) finance
loans to nongovernmental persons exceeds the lesser of $5 million or 5 percent of the proceeds.
4 Qualified bonds, termed tax-exempt private activity bonds in this article, include “exempt facility bonds,” qualified mortgage bonds, qualified veterans’ mortgage bonds,
qualified small issue bonds, qualified student loan bonds, qualified redevelopment bonds, and qualified section 501(c)(3) bonds (all of which are defined in the “Explanation
of Terms” section at the end of this article). Examples of exempt facilities include airports; docks and wharves; sewage facilities; solid waste disposal facilities; qualified
residential rental projects; and facilities for the local furnishing of electricity or gas. Qualified section 501(c)(3) bonds are issued by State and local governments to finance
the activities of charitable and similar organizations that are tax-exempt under IRC section 501(c)(3). The primary beneficiaries of these bonds are hospitals, universities,
and organizations that provide low-income housing or assisted living facilities.
5 An arbitrage bond is one in which any portion of the proceeds is intentionally invested in higher-yielding investments, or is used to replace proceeds which have been
intentionally invested in higher-yielding investments. Certain rules allow for arbitrage earnings with respect to tax-exempt bonds within a specified time period, so long as
these earnings are rebated to the Department of the Treasury.
6 A registered bond is defined as: “a bond whose owner is designated on records maintained by a registrar, the ownership of which cannot be transferred without the
registrar recording the transfer on its records.” (From the Municipal Securities Rulemaking Board’s Glossary of Municipal Securities Terms <http://www.msrb.org/msrb1/
glossary/>. See also IRC section 149(a) for additional information.)
Tax-Exempt Bonds, 2005
Statistics of Income Bulletin | Fall 2007
governmental bonds decreased 6.0 percent between
2004 and 2005, from $208.2 billion to $195.6 billion, while refunding issues increased 38.2 percent,
from $122.2 billion to $168.9 billion. Of the $311.3
billion of long-term tax-exempt governmental bond
proceeds issued during 2005, refunding issues comprised more than half (51.3 percent). New money
issues made up the difference (48.7 percent). This
marks the first time since 1993 that the amount of
refunding long-term issues exceeded that of new
money long-term issues. Figure A shows the total
amount of bonds issued, classified by type of issue
(new money or refunding), as well as term of the issue (long- or short-term), for both governmental and
tax-exempt private activity bonds.
Tax-exempt private activity bond issues totaled
$110.3 billion in 2005, a 17.4-percent increase over
the $94.0 billion issued in 2004. For 2005, as in
years past, the vast majority of tax-exempt private
activity bond proceeds, $109.5 billion (over 99 percent), were long-term. These long-term proceeds
were split almost equally between new money issues
and refunding issues—$54.7 billion of new money,
compared to $54.8 billion of refunding tax-exempt
private activity bonds.
Long-Term Bond Volume, by Selected Purpose
Figure B illustrates the composition of long-term taxexempt bonds, by selected purpose as well as type of
issue, for both governmental and private activity bond
issues. More than half (60.7 percent) of the dollar
volume of all long-term governmental bonds issued
in 2005 was used to finance projects related to education, utilities, and transportation. Another 30 percent
of the proceeds from long-term governmental bonds
issued in 2005 was used for “other bond purposes”
(i.e., specific purpose(s) did not apply or were not
separately allocated by the issuer). For all but two of
the bond purposes shown in Figure B, transportation
and health and hospital—more proceeds were put toward refunding prior bond issues than financing new
capital projects.
Qualified section 501(c)(3) bonds, which include
total qualified hospital bonds and qualified nonhospital bonds issued to benefit entities exempt from
income tax under IRC section 501(c)(3), combined,
accounted for 48.2 percent of the dollar amount of
long-term private activity bonds issued for 2005.
Private activity bonds issued to provide housing as-
Governmental
Bonds, by Type and Term, 2005
Figure A
Billions of dollars
Governmental
Bonds, by Type and Term, 2005
375
Billions of dollars
350
325
375
300
350
275
325
250
300
225
275
$311.3
200
250
175
225
150
$311.3
200
125
175
100
150
75
125
50
100
$53.2
25
75
0
50
All$53.2
issues
25
0
All issues
$151.6
$159.8
$151.6
$44.1
$159.8
New
money
$44.1
issues
New money
issues
Refunding issues
$9.1
$9.1
Refunding issues
Tax-Exempt Private Activity Bonds, by Type
and Term, 2005
Tax-Exempt Private Activity Bonds, by Type
Billions
of dollars
and
Term,
2005
120
Billions of dollars
110
120
100
110
90
100
80
90
70
80
60
70
50
60
40
50
30
40
20
$109.5
$109.5
30
10
20
0
10
0
$54.8
$54.7
$0.9
All issues
All issues
$54.7
$0.2
$54.8
$0.6
New money
Refunding issues
$0.6
$0.2
issues
New money
Refunding issues
Short-term
issues Long-term
$0.9
NOTE: Detail may not add to totals because of rounding.
Short-term
Long-term
sistance in the form of qualified residential rental
projects and qualified mortgages (including qualified veterans’ mortgages) accounted for another 27.5
percent. For qualified hospital bonds, qualified mortgage bonds, and airport bonds, refunding proceeds
exceeded new money proceeds.
NOTE: Detail may not add to totals because of rounding.
Overview of Bond Issues, by State
Total new money long-term governmental bond
volume decreased $6.2 billion (3.9 percent) from
157
Tax-Exempt Bonds, 2005
Statistics of Income Bulletin | Fall 2007
Figure B
Long-Term Governmental Bonds, by Selected Bond Purpose and Type of Issue, 2005
Billions of dollars
120
110
100
90
80
$57.7
70
$47.7
60
50
40
30
20
$53.4
$19.3
$45.7
$22.8
$20.3
$15.6
$7.7
$7.5
$2.1
Transportation
Utilities
Environment
Health and hospital
10
0
Education
Other purposes [1]
$3.8
Bond purpose
Long-Term Tax-Exempt Private Activity Bonds, by Selected Bond Purpose and Type
of Issue, 2005
Billions of dollars
30
25
20
$14.6
$10.2
15
$14.6
10
5
$12.2
$1.9
$15.7
$4.7
$6.6
$6.5
Qualified
mortgage
Qualified
residential rental
0
Qualified hospital Qualified Section
501(c)(3)
nonhospital
$0.7
$3.2
$4.7
Airport
Qualified student
loan
$1.2
$1.5
Solid waste
disposal
Bond purpose
New money issues
Refunding issues
[1] "Other purposes" refers to obligations for which a specific purpose either did not apply or was not clearly indicated on the Form 8038-G. It does not include specific
purposes, such as public safety and housing, that are not shown separately in the figure. See Table 1.
158
2004 to 2005. States with significant changes in new
money long-term governmental bond issues from
2004 to 2005 include Nebraska, whose issuance
more than tripled, from $.5 billion in 2004 to $1.5
billion in 2005; Mississippi, whose issuance rose
138.0 percent, from slightly less than $.7 billion in
2004 to $1.6 billion in 2005; California, whose issuance fell 42.8 percent, from $33.5 billion in 2004 to
$19.2 billion in 2005; Georgia, whose issuance fell
35.5 percent, from $4.2 billion in 2004 to $2.7 bil-
Tax-Exempt Bonds, 2005
Statistics of Income Bulletin | Fall 2007
lion in 2005; and Michigan, whose issuance fell 26.9
percent, from $4.0 billion in 2004 to $3.0 billion in
2005. States with significant increases in new money
long-term tax-exempt private activity bond issues
from 2004 to 2005 include the District of Columbia,
whose issuance rose 178.1 percent, from slightly less
than $.4 billion in 2004 to $1.0 billion in 2005, and
Michigan, whose issuance more than doubled, from
$1.1 billion in 2004 to $2.3 billion in 2005.
Figure C presents the amount of bonds issued,
for the top 15 States in terms of total dollar volume
of new money long-term tax-exempt bonds issued
for 2005, for both governmental and private activity bond issuances. Combined, these 15 States accounted for over two-thirds of the total amount issued. About $79.4 billion (38.5 percent) of the total
$206.2 billion of new money long-term tax-exempt
bonds issued for 2005 were issued by authorities in
the following five States: California (11.7 percent),
New York (10.0 percent), Texas (7.2 percent), Florida
(5.7 percent), and Illinois (4.1 percent). According to
2005 Census estimates, together, these five States accounted for 36.7 percent of the total U.S. population.7
Tax-exempt private activity bonds are subject
to State volume limitations, or volume caps. Most
types of private activity bonds are subject to the unified State volume cap, which limits the aggregate
dollar amount of bonds that each State can issue
annually. Other types of private activity bonds are
subject to separate volume limitations based on the
types of projects being financed (Figure D). The
unified State volume cap is adjusted annually for
population growth, and, effective January 1, 2003,
the volume cap was indexed for inflation.8 Refunding bonds are not subject to volume cap limitations,
as long as there is no increase in the principal amount
of the outstanding bond. Issuers can elect to carry
forward unused volume cap for a specified bond purpose, and bonds issued with respect to the specified
bond purpose during the following 3 calendar years
are not subject to the volume cap. Figure E shows
the total amount of new money long-term tax-exempt
private activity bond issuance, new issues subject to
the unified State volume cap, amounts applied from
prior-year carryforward elections, and volume cap
allocations, by State, for 2005. The total amount of
new bonds issued by a State can exceed that State’s
total volume cap limitation in instances where bonds
are issued for purposes other than those subject to the
unified State volume cap and where amounts are being carried forward from previous years’ allocations.
Unlike private activity bonds, governmental
bonds are generally not subject to the volume cap;
however, if more than $15 million of the proceeds of
an issue are used in private use or disproportionate
use, then the amount in excess of $15 million is subject to the volume cap, and the issuer is required to
report the amount of the State volume cap allocated
to the governmental issue.9, 10 For 2005, issuers reported allocating a combined $208.7 million of State
volume cap to the total $364.5 billion of total governmental bond issues. This indicates some private
business involvement, but not in an amount sufficient
to satisfy the 10-percent use criterion for private activity bonds for each governmental bond issue.
Data Sources and Limitations
The data presented in this data release are based on
the populations of Forms 8038, Information Return
for Tax-Exempt Private Activity Bond Issues, and
Forms 8038-G, Information Return for Tax-Exempt
Governmental Obligations, filed with the Internal
Revenue Service for bonds issued during Calendar
Year 2005. The data exclude returns filed for commercial paper transactions, as well as issues that are
loans from the proceeds of another tax-exempt bond
issue (pooled financings).
Bond issuers were required to file these taxexempt bond information returns by the 15th day
of the second calendar month after the close of the
calendar quarter in which the bond was issued.
However, in an effort to include as many applicable
returns for a particular issue year as possible, the
study period extended well beyond this timeframe.
The study includes returns processed from January
1, 2005, to April 22, 2007, for bonds issued in 2005.
Where possible, data from amended returns filed
and processed before the cutoff date were included.
7 The resident population estimates were produced by the U.S. Bureau of the Census and published in Internal Revenue Bulletin No. 2005-8 (Notice 2005-16).
8 For 2005, the volume cap was the greater of $80 per capita or $239,180,000.
Volume caps for U.S. possessions, with the exception of Puerto Rico, are determined under
IRC section 146(d)(4).
9 Disproportionate use occurs when the proceeds to be used for the private business use exceed the amount of proceeds used for the related governmental use.
10 IRC section 141(b)(5) states that a governmental bond will be treated as a private activity bond if: (1) the “nonqualified amount” exceeds $15 million, but is less than the
amount needed to meet any of the private activity bond tests; and (b) the issuer does not allocate a portion of its volume cap to the issue in an amount equal to the excess of
such nonqualified amount over $15 million.
159
Tax-Exempt Bonds, 2005
Statistics of Income Bulletin | Fall 2007
Figure C
New Money Long-Term Tax-Exempt Bonds, by Selected Bond Purpose, for Top 15 States,
Ranked by Total Issuance Volume, 2005
[Money amounts are in millions of dollars]
State of issue
New money long-term governmental bonds
Total new money
long-term taxexempt bonds
Selected bond purpose
Total [1]
Education
Other purposes [2]
Environment
Utilities
Transportation
Number
Amount
Number
Amount
Number
Amount
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
4,699
53,437
4,889
45,695
985
20,297
1,616
15,551
1,078
7,513
All States......... 17,525 206,245
14,939 151,554
California............
1,435
23,956
1,237
19,151
568
8,945
341
5,315
61
454
78
2,688
49
655
New York............
935
20,511
742
13,688
346
2,340
205
6,472
49
3,522
18
104
32
127
Texas..................
1,265
14,887
1,152
12,066
323
5,667
347
2,110
42
1,994
294
1,954
25
59
Florida................
612
11,687
520
9,684
69
2,220
249
3,332
42
1,562
57
1,502
17
494
Illinois.................
837
8,343
690
6,384
327
1,827
231
2,247
20
1,931
49
133
21
42
New Jersey.........
490
8,264
416
6,989
213
3,378
109
998
12
1,981
d
d
14
163
Pennsylvania......
754
7,325
588
4,388
221
1,955
124
1,191
22
283
21
302
92
477
Massachusetts...
348
7,234
267
5,453
93
3,008
152
1,750
29
355
36
33
36
245
Arizona...............
321
6,272
286
4,710
105
1,254
99
2,002
25
285
24
1,007
4
57
Virginia...............
319
5,840
262
4,020
97
1,414
93
1,735
20
395
19
177
14
55
North Carolina....
454
5,750
417
4,140
74
1,874
170
1,007
16
271
32
335
d
d
Ohio....................
484
5,332
405
3,814
128
1,499
124
927
33
197
31
182
17
690
Michigan.............
589
5,279
525
2,959
157
1,354
121
397
34
81
35
102
104
876
Washington........
309
5,100
228
3,901
64
1,011
39
904
16
1,138
38
601
10
34
Indiana................
488
4,548
430
2,879
148
1,479
92
769
24
50
29
108
41
160
New money long-term tax-exempt private activity bonds
Selected bond purpose
State of issue
Total [1]
Qualified section
501(c)(3)
nonhospital
Qualified
hospital
Qualified
mortgage
Qualified
residential rental
Water, sewage,
and solid waste
disposal
(combined)
Number
Amount
Number
Amount
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
(26)
All States.............................................
2,586
54,691
1,080
15,745
288
12,224
145
6,602
478
6,459
83
1,847
California................................................
198
4,804
62
1,473
13
1,110
3
97
100
1,443
7
246
New York................................................
193
6,823
95
1,437
26
351
4
271
51
1,501
3
61
Texas.....................................................
113
2,821
33
621
11
589
5
79
42
523
7
90
Florida....................................................
92
2,004
32
854
13
431
8
116
18
246
d
d
Illinois.....................................................
147
1,960
37
932
12
430
3
232
31
260
d
d
New Jersey............................................
74
1,274
40
548
8
256
d
d
6
125
4
30
Pennsylvania..........................................
166
2,937
102
1,276
19
842
6
331
d
d
7
167
Massachusetts.......................................
81
1,782
49
770
17
589
d
d
3
114
0
0
Arizona...................................................
35
1,562
8
40
15
1,064
3
113
d
d
4
170
Virginia...................................................
57
1,821
33
293
3
433
d
d
10
194
d
d
North Carolina........................................
37
1,611
15
378
12
288
d
d
d
d
d
d
Ohio........................................................
79
1,518
45
516
11
356
d
d
8
49
4
81
Michigan.................................................
64
2,320
25
203
15
865
0
0
6
118
d
d
Washington............................................
81
1,199
30
445
6
201
d
d
30
254
3
45
Indiana...................................................
58
1,668
27
227
7
919
d
d
d
d
5
196
d—Data deleted to avoid disclosure of information about specific bonds. However, the data are included in the appropriate totals.
[1] A given bond issue can include more than one purpose. Thus, the summation of number of issues by purpose will sometimes exceed the total number of issues. However, the money
amounts are additive to the totals.
[2] For purposes of this figure, "other purposes" refer to obligations for which a specific purpose either did not apply or was not clearly indicated on Form 8038-G. It does not
160
include specific purposes, such as public safety and housing, that are not shown separately in the figure. See Table 1.
Tax-Exempt Bonds, 2005
Statistics of Income Bulletin | Fall 2007
Figure D
Airports
No
Docks and wharves
No
Mass commuting facilities
Yes
Water furnishing facilities
Yes
Sewage facilities
Yes
Solid waste disposal facilities
Yes, unless all bond-financed
property is governmentally-owned.
Qualified residential rental projects
Yes
Late-filed returns for tax-exempt bonds issued during 2005 processed after the cutoff date were not
included in the statistics.
During statistical processing, returns were subject to thorough testing and correction procedures to
ensure data accuracy and validity. Additional checks
were conducted to identify and exclude duplicate
returns. In some instances, returns with incomplete
information, mathematical errors, or other reporting
anomalies were edited to resolve internal inconsistencies. In other cases, it was not possible to reconcile reporting discrepancies. Thus, a certain amount
of nonsampling error may remain.
Local electricity or gas furnishing
facilities
Yes
Explanation of Selected Terms
Tax Reform Act of 1986 transition
property
No
Local district heating or cooling
facilities
Yes
Qualified hazardous waste facilities
Yes
High-speed intercity
rail facilities
No (if all bond-financed property is
governmentally-owned); otherwise,
75 percent of the bond issue amount
is exempt from volume cap.
Hydroelectric environmental facilities
No
Qualified enterprise zone facilities
Yes, unless issued with respect to
certain empowerment zones.
Qualified new empowerment zone
facilities
Yes
District of Columbia Enterprise zone
facilities
No
Qualified public educational facilities
No—Annual State limit is equal to
the lesser of $10 per resident or
$5 million.
Qualified New York Liberty Zone
No—Aggregate face amount of bonds
issued is limited to $8 billion.
Qualified mortgage
Yes
Qualified veterans' mortgage
No—Annual State limit (for eligible
States) is equal to the average
amount of qualified veterans' bonds
issued between January 1, 1979, and
June 22, 1984.
Qualified small issue
Yes
Volume Cap Restrictions on Private Activity Bonds
Bond purpose
Subject to unified State
volume cap?
Qualified student loan
Yes
Qualified redevelopment
Yes
Qualified hospital
No
Qualified section 501(c)(3)
nonhospital
No
Nongovernmental output property
Yes
Commercial paper—Commercial paper consists
of short-term notes that are continually rolled over.
Maturities average about 30 days but can extend up
to 270 days. Many localities use commercial paper
to raise cash needed for current transactions.
Exempt facility bond—Bond issue of which
95 percent or more of the net proceeds are used to
finance a tax-exempt facility (as listed in IRC sections 142(a)(1) through (13) and 142(k)). These
facilities include airports, docks and wharves, mass
commuting facilities, facilities for the furnishing of
water, sewage facilities, solid waste disposal facilities, qualified residential rental projects, facilities for
the local furnishing of electric energy or gas, local
district heating or cooling facilities, qualified hazardous waste facilities, high-speed intercity rail facilities, environmental enhancements of hydroelectric
generating facilities, and qualified public educational
facilities. The Revenue Reconciliation Act of 1993
created a new category of bonds, qualified enterprise
zone facility bonds, that may be issued for certain
businesses in “empowerment zones” or “enterprise
communities.” Empowerment Zone and Enterprise
Community designations are made by the Secretaries
of Agriculture and Housing and Urban Development
and last for a 10-year period. The Taxpayer Relief
Act of 1997 provided certain economically depressed
census tracts within the District of Columbia designation as the “D.C. Enterprise Zone.” Qualified
enterprise zone facility bonds are generally subject
to the same rules as exempt facility bonds. The Job
Creation and Worker Assistance Act of 2002 created
section 1400L of the Internal Revenue Code of 1986
to provide various tax benefits for the area of New
York City damaged or affected by the terrorist attack
161
Tax-Exempt Bonds, 2005
Statistics of Income Bulletin | Fall 2007
Figure E
New Money Long-Term Tax-Exempt Private Activity Bonds, Carryforward, and Volume Cap, by State
of Issue, 2005
[Money amounts are in millions of dollars]
Amount of bonds issued
State of issue
Amount not subject to the
volume cap under a
carryforward election [2]
(3)
Total volume cap [3]
(1)
(2)
54,690.7
20,525.8
Alabama....................................
243.9
20.8
0
362.4
Alaska........................................
228.9
d
d
239.2
Arizona......................................
1,562.4
458.8
d
459.5
Arkansas....................................
292.2
d
d
239.2
California...................................
4,804.1
2,001.0
250.8
2,871.5
Colorado....................................
1,319.1
357.4
156.9
368.1
Connecticut................................
775.7
262.3
116.5
280.3
Delaware...................................
189.3
96.5
d
239.2
All States..............................
162
Amount subject to unified
State volume cap [1]
Total
(4)
9,537.3
26,562.3
District of Columbia...................
1,000.4
162.8
d
239.2
Florida........................................
2,003.6
443.6
291.1
1,391.8
Georgia......................................
1,756.8
268.7
184.6
706.4
Hawaii........................................
d
d
d
239.2
Idaho..........................................
258.8
162.0
150.0
239.2
Illinois.........................................
1,959.5
595.8
187.8
1,017.1
Indiana.......................................
1,668.4
377.6
0
499.0
Iowa...........................................
509.6
238.1
150.2
239.2
Kansas.......................................
185.3
149.6
113.5
239.2
Kentucky....................................
538.1
338.7
29.7
331.7
Louisiana...................................
596.0
355.4
185.4
361.3
Maine.........................................
299.9
216.2
157.2
239.2
Maryland....................................
913.8
270.8
154.6
444.6
Massachusetts...........................
1,781.5
393.4
d
513.3
Michigan....................................
2,320.3
728.5
141.1
809.0
Minnesota..................................
1,258.4
408.4
197.8
408.1
Mississippi.................................
217.2
188.2
162.2
239.2
Missouri.....................................
1,320.1
594.5
451.3
460.4
Montana.....................................
86.3
d
d
239.2
Nebraska...................................
247.8
95.4
d
239.2
Nevada......................................
359.5
174.5
133.6
239.2
New Hampshire.........................
357.3
295.8
171.9
239.2
New Jersey................................
1,274.5
469.9
33.7
695.9
New Mexico...............................
245.9
218.2
d
239.2
New York...................................
6,823.3
1,859.6
1,151.5
1,538.2
North Carolina...........................
1,610.7
899.3
542.1
683.3
North Dakota.............................
244.3
175.9
d
239.2
Ohio...........................................
1,518.0
636.6
d
916.7
Oklahoma..................................
403.6
189.6
32.1
281.9
287.6
Oregon.......................................
333.0
83.1
65.5
Pennsylvania.............................
2,936.5
651.0
294.3
992.5
Rhode Island.............................
314.3
97.2
92.8
239.2
Footnotes at end of table.
Tax-Exempt Bonds, 2005
Statistics of Income Bulletin | Fall 2007
Figure E—Continued
New Money Long-Term Tax-Exempt Private Activity Bonds, Carryforward, and Volume Cap, by State
of Issue, 2005—Continued
[Money amounts are in millions of dollars]
Amount of bonds issued—continued
State of issue
Total
Amount subject to unified
State volume cap [1]
Amount not subject to the
volume cap under a
carryforward election [2]
Total volume cap [3]
(1)
(2)
(3)
(4)
South Carolina...........................
416.5
330.0
112.3
335.8
South Dakota.............................
456.0
441.1
445.9
239.2
Tennessee.................................
910.7
554.2
328.3
472.1
Texas.........................................
2,820.8
1,295.1
458.3
1,799.2
Utah...........................................
543.0
265.5
101.7
239.2
Vermont.....................................
213.6
189.7
53.8
239.2
Virginia.......................................
1,820.6
975.2
884.1
596.8
Washington................................
1,199.3
323.3
9.7
496.3
West Virginia.............................
240.0
122.2
102.1
239.2
Wisconsin..................................
888.0
399.0
343.0
440.7
Wyoming....................................
377.7
373.7
143.5
239.2
U.S. Possessions [4].................
d
d
d
478.4
d—Data deleted to avoid disclosure of information for specific bonds when compared to other published data. However, the data are included in the appropriate totals.
[1] These amounts were calculated using data reported on Part II of Form 8038 for those types of issue subject to the unified State volume cap, and include bonds issued for
the following purposes: mass commuting facilities, water furnishing facilities, sewage facilities, solid waste disposal facilities, qualified residential rental projects, local
electricity or gas furnishing facilities, local district heating or cooling facilities, qualified hazardous waste facilities, high-speed intercity rail facilities, qualified mortgage bonds,
qualified small issue bonds, qualified student loan bonds, and qualified redevelopment bonds. No distinction was made for governmentally-owned solid waste or high-speed
intercity rail facilities (which are not subject to the volume cap). As a result, figures could be slightly overstated.
[2] As reported on Form 8038, line 44b. An issuing authority can elect to carry forward its unused volume cap for one or more carryforward purposes (see IRC section
146(f)). If the election is made, bonds issued with respect to a specified carryforward purpose are not subject to the volume cap under IRC section 146(a) during the 3
calendar years following the calendar year in which the carryforward arose, but only to the extent that the amount of such bonds does not exceed the amount of the
carryforward elected for that purpose.
[3] The amount of volume cap is based on State population. For 2005, the volume cap was the greater of $80 per capita or $239.2 million ($239,180,000). For U.S.
Possessions with populations less than the population of the least populous State, the rules of IRC section 146(d)(4) apply. The resident population estimates were produced
by the U.S. Bureau of the Census and published in Internal Revenue Bulletin No. 2005-8 (Notice 2005-16).
[4] U.S. Possessions include Puerto Rico, the U.S. Virgin Islands, Guam, and the Northern Mariana Islands.
on September 11, 2001. Section 1400L(d) authorizes
the issuance of an additional type of exempt facility
bond, namely, “Liberty Bonds.” Liberty Bonds are
subject to the following additional requirements: (a)
95 percent or more of the net proceeds of such issue must be used for qualified project costs; (b) the
bond must be issued by the State of New York or any
political subdivision thereof; (c) the Governor of the
State of New York or the Mayor of the City of New
York must designate the bond for purposes of section 1400L(d); and (d) the bond must be issued after
March 9, 2002, and before January 1, 2005. The
maximum aggregate face amount of bonds that may
be designated as Liberty Bonds is $8 billion.
Governmental bond—Any obligation issued by
a State or local government unit that is not a private
activity bond (see below). The interest on a govern-
mental bond is excluded from gross income under
IRC section 103.
Nongovernmental output property bond—Bonds
used to finance the acquisition of property used by a
nongovernmental entity in connection with an output
facility (such as an electric or gas power project).
This bond must meet additional tests under IRC section 141(d).
Pooled financing—An arrangement whereby a
portion of the proceeds of a governmental bond issue
is used to make loans to other governmental units.
Private activity bond—Bond issue of which more
than 10 percent of the proceeds are used for any private business use, and more than 10 percent of the
payment of the principal or interest is either secured
by an interest in property to be used for private business use (or payment for such property), or is derived
163
Tax-Exempt Bonds, 2005
Statistics of Income Bulletin | Fall 2007
from payments for property (or borrowed money)
used for a private business use. A bond is also considered a private activity bond if the amount of the
proceeds used to make or finance loans (other than
loans described in IRC section 141(c)(2)) to persons
other than governmental units exceeds the lesser of 5
percent of the proceeds or $5 million.
Qualified mortgage bond—Bond issue of which
the proceeds (except issuance costs and reasonably
required reserves) are used to provide financing assistance for single-family residential property, and
which meet the additional requirements in IRC section 143. Bond proceeds can be applied toward the
purchase, improvement, or rehabilitation of owneroccupied residences, as well as to finance qualified
home-improvement loans.
Qualified redevelopment bond—Bond issue of
which 95 percent or more of the net proceeds are
used to finance certain specified real property acquisition and redevelopment in blighted areas (see IRC
section 144(c) for additional requirements).
Qualified section 501(c)(3) bond—Bond issued
by State and local governments to finance the activities of charitable organizations that are tax-exempt
under IRC section 501(c)(3). A bond must meet
the following conditions to be classified as a section 501(c)(3) bond: 1) all property financed by the
net proceeds of the bond issue is to be owned by a
section 501(c)(3) organization or a governmental
unit, and 2) the bond would not be a private activity
bond if section 501(c)(3) organizations were treated
as governmental units with respect to their activities that are not related trades or businesses, and the
private activity bond definition was applied using a
5-percent threshold rather than a 10-percent threshold. The primary beneficiaries of these bonds are
private, nonprofit hospitals, colleges, and universities. A qualified hospital bond issue is one in which
95 percent or more of the net proceeds are to be used
for a hospital.
Qualified small issue bond—Bond issue generally not exceeding $1 million, and of which 95 percent or more of the net proceeds are used to finance
the acquisition of land and depreciable property or
to refund such issues. In certain instances, an elec-
164
tion to take certain capital expenditures into account
can increase the limit on bond size, from $1 million
to $10 million. These bonds may be used only to
finance manufacturing facilities and to benefit certain
first-time farmers.
Qualified student loan bond—Bond issue of
which 90 percent or more of the net proceeds are
used to make or finance student loans under a program of general application subject to the Higher
Education Act of 1965 (see IRC section 144(b)(1)(A)
for additional requirements), or of which 95 percent or more of the net proceeds are used to make
or finance student loans under a program of general
application approved by the State (see Code section
144(b)(1)(B) for additional requirements).
Qualified veterans’ mortgage bond—In general,
a bond issue of which 95 percent or more of the net
proceeds are used to finance the purchase, improvement, or rehabilitation of owner-occupied residences
for veterans who: 1) served prior to January 1, 1977;
and, 2) applied for such a mortgage prior to the date
30 years after leaving active service or January 31,
1985, whichever is later. The payment of interest
and principal must be secured by a general obligation of the State, and the bond must meet certain of
the requirements of IRC section 143. The issuance
of qualified veterans’ mortgage bonds was limited
to the following five States: Alaska, California,
Oregon, Texas, and Wisconsin, each of which had a
veterans’ mortgage bond program in effect prior to
June 22, 1984.
Tax Reform Act transition property bond—A bond
issued under transitional rules contained in the Tax
Reform Act of 1986. Proceeds from bonds issued
under these rules include issues used to fund such
items as pollution control facilities, parking facilities,
industrial parks, sports stadiums, and convention facilities. Proceeds from other bonds issued under the
transitional rules are included in this category only if
they could not be identified as another issue type.
NOTE: Additional tax-exempt bond data for 2005 (and prior years)
can be found on the SOI Web site at www.irs.gov/taxstats. (Click on
“Tax-Exempt Bonds.”) As a supplement to tables included in this
data release, various data classified by purpose of bond, type of
issue, and size of issue are also available.
Tax-Exempt Bonds, 2005
Statistics of Income Bulletin | Fall 2007
Table 1. Long-Term Governmental Bonds, by Bond Purpose and Type of Issue, 2005
[Money amounts are in millions of dollars]
All issues
New money issues
Percent
Number
Amount
of total
amount
(4)
(5)
(6)
Refunding issues
(1)
(2)
Percent
of total
amount
(3)
(7)
(8)
Percent
of total
amount
(9)
Total [1]......................................................
19,597
311,309
100.0
14,939
151,554
100.0
6,344
159,754
100.0
Education........................................................
6,696
111,125
35.7
4,699
53,437
35.3
2,522
57,688
36.1
Health and hospital.........................................
410
5,926
1.9
349
3,849
2.5
99
2,077
1.3
Transportation.................................................
1,179
39,610
12.7
985
20,297
13.4
339
19,314
12.1
Public safety....................................................
2,184
5,327
1.7
2,001
3,521
2.3
279
1,806
1.1
Environment....................................................
1,442
15,237
4.9
1,078
7,513
5.0
601
7,723
4.8
Bond purpose
Number
Amount
Number
Amount
Housing...........................................................
123
1,286
0.4
92
900
0.6
52
386
0.2
Utilities............................................................
2,338
38,366
12.3
1,616
15,551
10.3
1,049
22,815
14.3
Bond and tax/revenue anticipation notes........
269
1,013
0.3
257
781
0.5
30
232
0.1
Other purposes [2]..........................................
6,217
93,403
30.0
4,889
45,695
30.2
1,989
47,708
29.9
[1] A given bond issue can include more than one purpose and can include both new money and refunding proceeds. Thus, the summation of number of issues by purpose or
by type of issue will sometimes exceed the total number of issues. However, the money amounts are additive to the totals.
[2] For this table, "other purposes" refer to obligations for which a specific purpose either did not apply or was not clearly indicated on Form 8038-G.
NOTE: Detail may not add to totals because of rounding.
165
Tax-Exempt Bonds, 2005
Statistics of Income Bulletin | Fall 2007
Table 2. Long-Term Tax-Exempt Private Activity Bonds, by Bond Purpose and Type of Issue, 2005
[Money amounts are in millions of dollars]
All issues
Bond purpose
Number
Amount
New money issues
Percent
of total
amount
Number
Amount
Refunding issues
Percent
of total
amount
Number
Amount
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
3,376
109,484
100.0
2,586
54,691
100.0
1,352
54,793
100.0
Airport............................................................
66
7,829
7.2
39
3,152
5.8
43
4,677
8.5
Docks and wharves.......................................
11
612
0.6
6
156
0.3
7
456
0.8
Total [1].....................................................
Water.............................................................
19
300
0.3
14
189
0.3
8
111
0.2
Sewage..........................................................
18
232
0.2
12
194
0.4
7
37
0.1
Solid waste disposal......................................
81
2,698
2.5
57
1,464
2.7
29
1,234
2.3
Qualified residential rental.............................
581
8,324
7.6
478
6,459
11.8
133
1,865
3.4
Local electricity or gas furnishing facilities.....
12
643
0.6
3
142
0.3
9
501
0.9
Local district heating or cooling facilities.......
3
24
[2]
3
24
[2]
0
0
0
Hydroelectric environmental facilities............
d
d
d
d
d
d
d
d
d
Tax Reform Act of 1986 transition property...
73
4,483
4.1
5
125
0.2
69
4,358
8.0
District of Columbia Enterprise zone.............
d
d
d
d
d
d
d
d
d
Qualified new empowerment zone................
10
232
0.2
10
232
0.4
0
0
0
Liberty zone...................................................
7
2,275
2.1
d
d
d
d
d
d
Qualified mortgage........................................
226
21,240
19.4
145
6,602
12.1
186
14,638
26.7
Qualified veterans' mortgage.........................
6
554
0.5
d
d
d
d
d
d
Qualified small issue......................................
472
830
0.8
422
701
1.3
70
129
0.2
Qualified student loan....................................
39
5,369
4.9
36
4,699
8.6
14
670
1.2
Qualified redevelopment................................
d
d
d
d
d
d
0
0
0
Qualified hospital...........................................
392
26,856
24.5
288
12,224
22.4
207
14,632
26.7
Qualified section 501(c)(3) nonhospital.........
1,385
25,959
23.7
1,080
15,745
28.8
592
10,215
18.6
Nongovernmental output property.................
3
58
0.1
d
d
d
d
d
d
Other purposes [3].........................................
22
879
0.8
13
31
0.1
9
848
1.5
d—Data deleted to avoid disclosure of information about specific bonds. However, the data are included in the appropriate totals.
[1] A given bond issue can include more than one purpose and can include both new money and refunding proceeds. Thus, the summation of number of issues by purpose or
by type of issue will sometimes exceed the total number of issues. However, the money amounts are additive to the totals.
[2] Less than 0.05 percent.
[3] For this table, "other purposes" refer to obligations for which a specific purpose either did not apply or was not clearly indicated on Form 8038.
NOTE: Detail may not add to totals because of rounding.
166
Percent
of total
amount
Tax-Exempt Bonds, 2005
Statistics of Income Bulletin | Fall 2007
Table 3. Computation of Lendable Proceeds for Long-Term Governmental Bonds, by Bond
Purpose, 2005
[Money amounts are in millions of dollars]
Bond purpose
Entire issue
price
Bond issuance
costs
Credit
enhancement
Allocation to
reserve fund
Total lendable
proceeds
Proceeds used to
refund prior issues
Nonrefunding
proceeds
Number Amount Number Amount Number Amount Number Amount Number Amount Number Amount Number Amount
(1)
(2)
Total [1].................... 19,597 311,309
Education......................
6,696 111,125
(3)
(4)
(5)
(6)
(7)
(8)
12,888
2,729
5,928
1,115
1,446
2,898
19,597 304,567
(9)
(10)
6,344 156,895
(11)
(12)
14,939 147,671
(13)
(14)
6,696 109,391
4,644
920
2,691
258
297
556
2,522
56,999
4,699
Health and hospital.......
410
5,926
224
56
88
36
29
40
410
5,794
99
2,029
349
52,392
3,765
Transportation...............
1,179
39,610
805
274
336
204
85
493
1,179
38,639
339
18,925
985
19,715
Public safety..................
2,184
5,327
742
59
291
17
51
32
2,184
5,219
279
1,769
2,001
3,450
Environment..................
1,442
15,237
1,024
132
401
40
120
117
1,442
14,947
601
7,602
1,078
7,346
Housing.........................
123
1,286
d
d
d
d
14
7
123
1,257
52
378
92
879
Utilities..........................
2,338
38,366
1,946
376
933
178
339
382
2,338
37,430
1,049
22,371
1,616
15,059
Bond and tax/revenue
anticipation notes........
269
1,013
d
d
d
d
0
0
269
1,008
30
232
257
776
Other purposes [2]........
6,217
93,403
4,377
889
1,743
377
569
1,269
6,217
90,867
1,989
46,587
4,889
44,280
d—Data were deleted to avoid disclosure of information for specific bonds. However, the data are included in the appropriate totals.
[1] A given bond issue can include more than one purpose. Thus, the summation of number of issues by purpose will sometimes exceed the total number of issues. However,
the money amounts are additive to the totals.
[2] For this table, "other purposes" refer to obligations for which a specific purpose either did not apply or was not clearly indicated on Form 8038-G.
NOTE: Detail may not add to totals because of rounding.
167
Tax-Exempt Bonds, 2005
Statistics of Income Bulletin | Fall 2007
Table 4. Computation of Lendable Proceeds for Long-Term Tax-Exempt Private Activity Bonds,
by Selected Bond Purpose, 2005
[Money amounts are in millions of dollars]
Selected bond purpose
Entire issue
price
Bond issuance
costs
Credit
enhancement
Allocation to
reserve fund
Total lendable
proceeds
Proceeds used to
refund prior
issues
Nonrefunding
proceeds
Number Amount Number Amount Number Amount Number Amount Number Amount Number Amount Number Amount
(1)
Total [1]...............................
(2)
3,376 109,484
(3)
(4)
(5)
(6)
(7)
(8)
(9)
1,982
709
883
564
540
1,348
3,376 106,864
(10)
(11)
(12)
(13)
1,352
53,742
2,684 53,122
Airport.......................................
66
7,829
55
61
44
36
18
206
66
7,526
43
4,581
42
Docks and wharves..................
11
612
d
d
5
2
d
d
11
600
7
450
7
151
Water........................................
19
300
14
4
d
d
d
d
19
295
8
110
15
185
2,946
Sewage....................................
18
232
14
3
d
d
d
d
18
227
7
37
13
190
Solid waste disposal.................
81
2,698
51
19
16
3
3
2
81
2,674
29
1,223
58
1,451
Qualified residential rental........
581
8,324
146
27
40
11
43
19
581
8,266
133
1,860
479
6,406
Qualified new
empowerment zone................
10
232
8
4
4
7
3
5
10
216
0
0
10
216
Liberty zone..............................
7
2,275
3
13
0
0
0
0
7
2,262
d
d
d
d
Qualified mortgage...................
226
21,240
53
19
9
[2]
48
149
226
21,073
186
14,559
155
6,513
Qualified veterans' mortgage....
6
554
d
d
d
d
0
0
6
554
d
d
d
d
Qualified small issue................
472
830
180
10
60
2
4
2
472
816
70
128
422
688
36
4,640
Qualified student loan...............
39
5,369
26
21
10
1
21
45
39
5,302
14
661
Qualified hospital......................
392
26,856
308
217
186
315
85
470
392
25,855
207
14,107
300 11,748
Qualified section 501(c)(3)
nonhospital............................. 1,385
25,959
1,119
298
498
176
310
440
1,385
25,046
592
9,908
1,147 15,137
116
6,174
25
10
19
7
10
3
116
6,154
89
5,721
All other bonds, combined [3]...
32
d—Data deleted to avoid disclosure of information for specific bonds. However, the data are included in the appropriate totals.
[1] A given bond issue can include more than one purpose. Thus, the summation of number of issues by purpose will sometimes exceed the total number of issues. However,
the money amounts are additive to the totals.
[2] Indicates an amount less than $500,000.
[3] For purposes of this table, this category includes all issues for which a specific purpose either did not apply or was not clearly indicated on Form 8038, as well as bonds
issued for: mass commuting facilities, local electricity or gas furnishing facilities, local district heating or cooling facilities, hydroelectric environmental facilities, qualified
hazardous waste facilities, facilities issued under a transitional rule of the Tax Reform Act of 1986, qualified enterprise zone facility bonds, District of Columbia Enterprise Zone
facility bonds, qualified redevelopment bonds, and nongovernmental output property bonds.
NOTE: Detail may not add to totals because of rounding.
168
(14)
433
Tax-Exempt Bonds, 2005
Statistics of Income Bulletin | Fall 2007
Table 5. New Money Long-Term Governmental Bonds, by State of Issue and Bond Purpose, 2005
[Money amounts are in millions of dollars]
State of issue
All States....................
Alabama........................
Alaska...........................
Arizona..........................
Arkansas.......................
California.......................
Colorado.......................
Connecticut...................
Delaware.......................
District of Columbia.......
Florida...........................
Georgia.........................
Hawaii...........................
Idaho.............................
Illinois............................
Indiana..........................
Iowa..............................
Kansas..........................
Kentucky.......................
Louisiana......................
Maine............................
Maryland.......................
Massachusetts..............
Michigan.......................
Minnesota.....................
Mississippi.....................
Missouri.........................
Montana........................
Nebraska......................
Nevada.........................
New Hampshire............
New Jersey...................
New Mexico..................
New York......................
North Carolina...............
North Dakota.................
Ohio..............................
Oklahoma.....................
Oregon..........................
Pennsylvania................
Rhode Island.................
South Carolina..............
South Dakota................
Tennessee....................
Texas............................
Utah..............................
Vermont........................
Virginia..........................
Washington...................
West Virginia.................
Wisconsin......................
Wyoming.......................
U.S. Possessions [2].....
Footnotes at end of table.
Total [1]
Education
Bond purpose
Health and hospital
Transportation
Public safety
Number
(1)
Amount
(2)
Number
(3)
Amount
(4)
Number
(5)
Amount
(6)
Number
(7)
Amount
(8)
Number
(9)
Amount
(10)
14,939
279
34
286
211
1,237
292
130
26
7
520
293
14
85
690
430
309
249
266
202
132
161
267
525
604
244
337
75
645
69
78
416
107
742
417
136
405
344
129
588
65
248
51
206
1,152
118
64
262
228
100
413
39
12
151,554
1,857
559
4,710
642
19,151
3,003
2,051
507
454
9,684
2,683
512
404
6,384
2,879
909
1,238
1,687
1,614
315
2,211
5,453
2,959
3,071
1,574
2,436
319
1,499
1,534
556
6,989
1,075
13,688
4,140
437
3,814
1,660
1,030
4,388
631
2,424
179
1,201
12,066
1,159
314
4,020
3,901
277
2,370
49
2,890
4,699
61
11
105
93
568
55
54
3
0
69
67
0
18
327
148
86
65
144
34
58
39
93
157
90
36
127
20
48
10
22
213
43
346
74
30
128
216
38
221
19
58
20
39
323
21
11
97
64
10
95
25
0
53,437
920
132
1,254
282
8,945
1,179
398
286
0
2,220
882
0
279
1,827
1,479
306
604
525
300
106
750
3,008
1,354
709
350
651
122
192
752
207
3,378
278
2,340
1,874
86
1,499
768
328
1,955
163
1,359
44
239
5,667
387
149
1,414
1,011
67
373
39
0
349
10
d
d
3
32
d
d
d
0
7
5
6
8
d
11
11
d
5
15
0
13
d
13
4
12
9
d
10
d
0
5
d
15
12
d
12
11
4
0
d
9
0
d
21
d
0
11
23
0
9
4
0
3,849
191
d
d
4
653
d
d
d
0
230
11
4
33
d
93
38
d
111
35
0
22
d
118
21
52
54
d
30
d
0
341
d
464
361
d
152
125
16
0
d
174
0
d
180
d
0
109
75
0
11
4
0
985
11
d
25
8
61
19
18
10
0
42
7
d
19
20
24
d
48
7
14
23
14
29
34
65
7
35
10
16
10
6
12
d
49
16
12
33
15
13
22
5
12
d
18
42
6
d
20
16
d
83
d
d
20,297
28
d
285
23
454
133
293
118
0
1,562
20
d
5
1,931
50
d
85
386
760
14
203
355
81
341
167
630
133
4
356
26
1,981
d
3,522
271
83
197
79
145
283
105
110
d
17
1,994
199
d
395
1,138
d
436
d
d
2,001
25
4
38
17
103
49
40
5
0
76
47
d
9
50
73
23
14
29
46
24
44
63
57
29
18
46
d
27
d
22
72
24
99
132
d
71
20
19
107
23
51
d
33
117
23
12
44
31
43
73
3
d
3,521
26
3
84
66
388
66
28
6
0
309
81
d
18
149
150
19
20
28
38
30
180
32
27
61
8
90
d
22
d
8
74
26
287
181
d
153
64
21
136
104
36
d
52
101
54
2
112
28
12
64
3
d
169
Tax-Exempt Bonds, 2005
Statistics of Income Bulletin | Fall 2007
Table 5. New Money Long-Term Governmental Bonds, by State of Issue and Bond Purpose, 2005
—Continued
[Money amounts are in millions of dollars]
Bond purpose—continued
State of issue
All States...................
Alabama.......................
Alaska..........................
Arizona.........................
Arkansas......................
California......................
Colorado......................
Connecticut..................
Delaware......................
District of Columbia......
Florida..........................
Georgia........................
Hawaii..........................
Idaho............................
Illinois...........................
Indiana.........................
Iowa.............................
Kansas.........................
Kentucky......................
Louisiana......................
Maine...........................
Maryland......................
Massachusetts.............
Michigan.......................
Minnesota....................
Mississippi....................
Missouri........................
Montana.......................
Nebraska......................
Nevada.........................
New Hampshire...........
New Jersey..................
New Mexico.................
New York.....................
North Carolina..............
North Dakota................
Ohio.............................
Oklahoma.....................
Oregon.........................
Pennsylvania................
Rhode Island................
South Carolina.............
South Dakota...............
Tennessee...................
Texas...........................
Utah.............................
Vermont.......................
Virginia.........................
Washington..................
West Virginia................
Wisconsin.....................
Wyoming......................
U.S. Possessions [2]....
Environment
Number
(11)
1,078
10
0
4
19
49
7
25
d
0
17
70
d
5
21
41
17
38
d
13
8
62
36
104
47
6
24
10
d
11
8
14
4
32
d
d
17
d
6
92
11
21
d
5
25
10
17
14
10
16
86
d
d
Amount
(12)
7,513
16
0
57
101
655
18
119
d
0
494
309
d
5
42
160
35
85
d
102
3
423
245
876
289
1
94
14
d
134
8
163
12
127
d
d
690
d
58
477
171
344
d
154
59
61
18
55
34
112
295
d
d
Housing
Number
(13)
92
d
d
d
0
10
6
d
0
d
4
4
0
0
4
0
d
d
0
0
0
4
d
0
8
0
0
0
d
d
d
d
0
3
d
10
0
d
d
d
0
0
d
d
0
d
0
d
12
0
3
0
0
Amount
(14)
900
d
d
d
0
33
17
d
0
d
7
48
0
0
42
0
d
d
0
0
0
16
d
0
29
0
0
0
d
d
d
d
0
334
d
11
0
d
d
d
0
0
d
d
0
d
0
d
102
0
2
0
0
Utilities
Number
(15)
1,616
38
0
24
48
78
30
d
d
0
57
28
d
4
49
29
45
47
32
16
8
11
36
35
77
13
50
6
38
4
d
d
15
18
32
61
31
39
13
21
d
20
5
56
294
32
d
19
38
d
70
0
d
Amount
(16)
15,551
217
0
1,007
100
2,688
508
d
d
0
1,502
230
d
5
133
108
81
118
95
27
11
170
33
102
380
436
169
9
998
50
d
d
264
104
335
137
182
192
52
302
d
94
20
230
1,954
296
d
177
601
d
469
0
d
Bond and tax/revenue
anticipation notes
Number
Amount
(17)
(18)
257
781
d
d
d
d
d
d
0
0
3
19
d
d
0
0
d
d
0
0
3
27
0
0
0
0
7
12
d
d
15
71
21
52
11
23
d
d
3
12
4
38
0
0
5
26
7
3
61
183
0
0
0
0
d
d
16
15
0
0
0
0
0
0
0
0
10
36
0
0
0
0
3
15
0
0
d
d
d
d
3
13
0
0
d
d
23
29
0
0
d
d
0
0
d
d
4
8
d
d
25
80
0
0
0
0
Other purposes [3]
Number
(19)
4,889
129
13
99
35
341
122
58
7
d
249
67
4
15
231
92
112
78
34
62
33
63
152
121
246
153
56
23
492
23
25
109
18
205
170
18
124
55
33
124
20
88
14
61
347
26
16
93
39
28
152
d
5
Amount
(20)
45,695
444
294
2,002
64
5,315
1,062
1,175
67
d
3,332
1,104
299
46
2,247
769
364
289
509
341
114
447
1,750
397
1,058
561
747
29
235
204
304
998
452
6,472
1,007
71
927
424
389
1,191
68
307
52
470
2,110
145
138
1,735
904
57
640
d
1,194
d—Data deleted to avoid disclosure of information about specific bonds. However, the data are included in the appropriate totals.
170
[1] A given bond issue can include more than one purpose. Thus, the summation of number of issues by purpose will sometimes exceed the total number of issues. However,
the money amounts are additive to the totals.
[2] U.S. Possessions include Puerto Rico, the U.S. Virgin Islands, Guam, and the Northern Mariana Islands.
[3] For purposes of this table, "other purposes" refer to obligations for which a specific purpose either did not apply or was not clearly indicated on Form 8038-G.
NOTE: Detail may not add to totals because of rounding.
Tax-Exempt Bonds, 2005
Statistics of Income Bulletin | Fall 2007
Table 6. New Money Long-Term Tax-Exempt Private Activity Bonds, by State of Issue and Selected
Bond Purpose, 2005
[Money amounts are in millions of dollars]
Selected bond purpose
Total [1]
State of issue
All States....................
Alabama........................
Alaska...........................
Arizona..........................
Arkansas.......................
California.......................
Colorado.......................
Connecticut...................
Delaware.......................
District of Columbia.......
Florida...........................
Georgia.........................
Hawaii...........................
Idaho.............................
Illinois............................
Indiana..........................
Iowa..............................
Kansas..........................
Kentucky.......................
Louisiana.......................
Maine............................
Maryland.......................
Massachusetts..............
Michigan........................
Minnesota.....................
Mississippi.....................
Missouri.........................
Montana........................
Nebraska.......................
Nevada..........................
New Hampshire............
New Jersey...................
New Mexico..................
New York......................
North Carolina...............
North Dakota.................
Ohio..............................
Oklahoma......................
Oregon..........................
Pennsylvania.................
Rhode Island.................
South Carolina..............
South Dakota................
Tennessee....................
Texas............................
Utah..............................
Vermont........................
Virginia..........................
Washington...................
West Virginia.................
Wisconsin......................
Wyoming.......................
U.S. Possessions [3].....
Footnotes at end of table.
Number
Amount
(1)
(2)
2,586
21
4
35
12
198
66
19
10
20
92
72
d
15
147
58
142
49
41
17
16
45
81
64
127
13
72
7
32
12
20
74
11
193
37
15
79
23
26
166
14
19
23
38
113
21
16
57
81
13
47
9
d
54,691
244
229
1,562
292
4,804
1,319
776
189
1,000
2,004
1,757
d
259
1,960
1,668
510
185
538
596
300
914
1,782
2,320
1,258
217
1,320
86
248
359
357
1,274
246
6,823
1,611
244
1,518
404
333
2,937
314
417
456
911
2,821
543
214
1,821
1,199
240
888
378
d
Airports, docks, and
wharves [2]
Number
Amount
(3)
45
0
0
0
0
3
0
0
0
d
5
d
0
0
d
d
0
0
d
d
d
0
d
d
d
d
d
0
0
0
0
0
0
3
d
0
d
0
0
d
d
0
0
d
d
0
0
5
d
0
d
0
d
(4)
3,307
0
0
0
0
86
0
0
0
d
206
d
0
0
d
d
0
0
d
d
d
0
d
d
d
d
d
0
0
0
0
0
0
1,107
d
0
d
0
0
d
d
0
0
d
d
0
0
119
d
0
d
0
d
Water, sewage, and solid
waste disposal [2]
Number
Amount
(5)
83
0
0
4
d
7
0
d
0
0
d
d
0
d
d
5
d
d
3
d
d
0
0
d
d
0
d
0
d
d
4
4
0
3
d
0
4
0
0
7
0
d
0
0
7
0
0
d
3
0
d
d
0
Qualified residential
rental
Number
Amount
Qualified mortgage
Number
Amount
(6)
(7)
(8)
(9)
(10)
1,847
0
0
170
d
246
0
d
0
0
d
d
0
d
d
196
d
d
39
d
d
0
0
d
d
0
d
0
d
d
78
30
0
61
d
0
81
0
0
167
0
d
0
0
90
0
0
d
45
0
d
d
0
478
d
d
d
0
100
7
d
d
6
18
15
d
0
31
d
d
d
7
d
3
8
3
6
13
d
26
0
0
3
d
6
6
51
d
0
8
d
13
d
d
4
0
12
42
d
7
10
30
d
4
0
0
6,459
d
d
d
0
1,443
120
d
d
163
246
165
d
0
260
d
d
d
51
d
38
131
114
118
117
d
216
0
0
45
d
125
41
1,501
d
0
49
d
80
d
d
39
0
74
523
d
16
194
254
d
25
0
0
145
0
0
3
0
3
4
4
d
0
8
d
0
5
3
d
3
7
4
5
3
4
d
0
4
d
4
d
d
0
5
d
d
4
d
d
d
5
0
6
d
d
3
3
5
9
d
d
d
3
3
4
0
6,602
0
0
113
0
97
87
214
d
0
116
d
0
150
232
d
147
107
138
171
114
131
d
0
185
d
160
d
d
0
121
d
d
271
d
d
d
73
0
331
d
d
436
175
79
125
d
d
d
102
341
143
0
171
Tax-Exempt Bonds, 2005
Statistics of Income Bulletin | Fall 2007
Table 6. New Money Long-Term Tax-Exempt Private Activity Bonds, by State of Issue and Selected
Bond Purpose, 2005—Continued
[Money amounts are in millions of dollars]
State of issue
172
Selected bond purpose—continued
Qualified section 501(c)(3)
Qualified hospital
nonhospital
Qualified small issue
All other bonds,
combined [2]
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
All States.....................
Alabama.........................
422
701
288
12,224
1,080
15,745
84
d
d
6
110
11
113
0
7,806
0
Alaska............................
0
0
0
0
d
d
d
d
Arizona...........................
0
0
15
1,064
8
40
d
d
Arkansas........................
0
0
d
d
6
43
d
d
California........................
6
25
13
1,110
62
1,473
8
324
Colorado.........................
d
d
7
363
35
598
d
d
Connecticut....................
0
0
0
0
12
513
d
d
Delaware........................
0
0
3
75
d
d
d
d
District of Columbia........
0
0
d
d
10
208
d
d
Florida............................
12
54
13
431
32
854
d
d
Georgia..........................
14
50
11
696
26
782
d
d
Hawaii............................
0
0
d
d
d
d
0
0
0
Idaho..............................
d
d
d
d
5
11
0
Illinois.............................
61
51
12
430
37
932
0
0
Indiana...........................
12
37
7
919
27
227
d
d
Iowa................................
95
24
9
145
24
104
7
81
Kansas...........................
27
17
d
d
9
29
0
0
Kentucky........................
d
d
5
97
16
88
d
d
d
Louisiana........................
0
0
4
208
3
13
d
Maine.............................
d
d
0
0
5
81
d
d
Maryland........................
d
d
d
d
30
612
0
0
Massachusetts...............
9
27
17
589
49
770
d
d
Michigan.........................
13
28
15
865
25
203
4
547
Minnesota.......................
6
18
7
219
91
565
3
75
Mississippi......................
4
19
d
d
d
d
d
d
Missouri..........................
13
14
6
457
23
237
d
d
Montana.........................
0
0
0
0
d
d
0
0
Nebraska........................
15
2
4
45
10
108
0
0
Nevada...........................
0
0
3
141
d
d
d
d
d
New Hampshire..............
0
0
0
0
8
61
d
New Jersey....................
14
42
8
256
40
548
d
d
New Mexico....................
d
d
d
d
0
0
d
d
New York........................
7
21
26
351
95
1,437
6
2,073
North Carolina................
3
16
12
288
15
378
d
d
North Dakota..................
d
d
3
41
10
27
0
0
Ohio................................
8
24
11
356
45
516
d
d
Oklahoma.......................
4
1
d
d
10
182
d
d
Oregon...........................
d
d
d
d
8
155
d
d
Pennsylvania..................
27
77
19
842
102
1,276
d
d
Rhode Island..................
d
d
d
d
7
169
0
0
South Carolina...............
d
d
0
0
10
64
d
d
South Dakota.................
15
5
0
0
5
15
0
0
Tennessee.....................
d
d
d
d
18
335
d
d
Texas.............................
d
d
11
589
33
621
11
874
Utah................................
d
d
0
0
5
278
d
d
Vermont..........................
0
0
d
d
6
13
d
d
Virginia...........................
3
10
3
433
33
293
d
d
Footnotes at end of table.
Tax-Exempt Bonds, 2005
Statistics of Income Bulletin | Fall 2007
Table 6. New Money Long-Term Tax-Exempt Private Activity Bonds, by State of Issue and Selected
Bond Purpose, 2005—Continued
[Money amounts are in millions of dollars]
Selected bond purpose—continued
State of issue
Qualified small issue
Qualified section 501(c)(3)
nonhospital
Qualified hospital
All other bonds, combined [2]
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
Washington....................
4
14
6
201
30
445
3
123
West Virginia..................
d
d
4
110
d
d
d
d
Wisconsin.......................
8
22
8
232
23
224
0
0
Wyoming........................
0
0
0
0
d
d
d
d
U.S. Possessions [3]......
0
0
0
0
0
0
0
0
d—Data deleted to avoid disclosure of information about specific bonds. However, the data are included in the appropriate totals.
[1] A given bond issue can include more than one purpose. Thus, the summation of number of issues by purpose will sometimes exceed the total number of issues. However, the
money amounts are additive to the totals.
[2] For purposes of this table, certain bond purposes were combined. For this reason, data in this table will differ slightly from the data in Table 2. The "all other bonds,
combined" category here includes all issues for which a specific purpose either did not apply or was not clearly indicated on Form 8038, as well as bonds issued for: mass
commuting facilities, local electricity or gas furnishing facilities, local district heating or cooling facilities, qualified hazardous waste facilities, facilities issued under a transitional
rule of the Tax Reform Act of 1986, qualified enterprise zone facility bonds, qualified empowerment zone facility bonds, District of Columbia Enterprise Zone facility bonds,
Liberty bonds, qualified veterans' mortgage bonds, qualified student loan bonds, qualified redevelopment bonds, and nongovernmental output property bonds.
[3] U.S. Possessions include Puerto Rico, the U.S. Virgin Islands, Guam, and the Northern Mariana Islands.
NOTE: Detail may not add to totals because of rounding.
173
This is a copy of a public record, reproduced as it was published. It is not legal advice, and it may not be the version a court would rely on. Check the official source before you cite it.