# Tax-Exempt Bonds, 2005

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## Record

- **Collection:** Agency decision
- **Document type:** Agency decision

## 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 . 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

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Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/agency%3Airs%3A461e6ea2f217fee4. Public record. Not legal advice.