Tax-Exempt Bonds, 2006
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Tax-Exempt Bonds, 2006
by Cynthia Belmonte and Emily Shammas
T
he total amount of tax-exempt bonds issued by
State and local governments declined 9.8 percent between Calendar Years 2005 and 2006,
from $474.8 billion in 2005 to $428.3 billion in 2006.
For 2006, Governmental bonds accounted for $319.4
billion (74.6 percent) of total tax-exempt bond proceeds, while private activity bonds accounted for the
remaining $108.9 billion (25.4 percent).
Tax-exempt bonds are issued by State and local
governments to finance a variety of projects, including construction or improvement of essential facilities and infrastructure, as well as to help provide services for 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.
Cynthia Belmonte and Emily Shammas are economists
with the Special Studies Special Projects Section. This
data release was prepared under the direction of Barry
Johnson, Special Studies Branch Chief.
The interest exclusion for tax-exempt bonds is not
allowed for arbitrage bonds and bonds not in registered form.3, 4
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, and the
debt service on these bonds is paid from general
Governmental sources. Private activity bond proceeds are used by one or more private entities, and
the debt service is paid or secured by one or more
private entities. Specifically, 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).5 Interest income earned on private
activity bonds is taxable. Over the years, Congress
has deemed certain types of private activities necessary for the public good and, therefore, allows for a
similar treatment of interest income as that allowed
for Governmental bonds. Interest income earned on
“qualified private activity bonds,” as defined in IRC
section 141(e), is generally tax-exempt.6, 7
In recent years, Congress has expanded the list
of qualified private activities eligible for tax-exempt
financing. Some of the recently enacted tax-exempt
bond legislation was introduced to encourage development and construction of key infrastructure in
targeted communities, such as disaster-stricken areas
around New York City and the Gulf Coast region.8
1 The term “State” includes the District of Columbia and any possession of the United States.
2
In addition, for State income tax purposes, most States allow for the exclusion of interest on bonds issued by government agencies within their own States, thus increasing the
benefit to bondholders.
3 An arbitrage bond is one in which any portion of the proceeds is used to purchase higher-yielding investments, or is used to replace proceeds which have been used to purchase
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.
4 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.)
5 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.
6 Tax-exempt private activity bonds 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 of this data release). 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.
7 The interest income from qualified private activity bonds (other than qualified section 501(c)(3) bonds) is subject to the alternative minimum tax calculations.
8 Legislation authorizing the issuance of New York Liberty Zone bonds was passed shortly after the terrorist attack on September 11, 2001. Legislation authorizing the issuance of
Gulf Opportunity Zone bonds was passed in late 2005, following the Hurricane Katrina disaster. Additional information about these, and other types of tax-exempt bonds, can be
found in the “Explanation of Terms” section of this data release.
247
Tax-Exempt Bonds, 2006
Statistics of Income Bulletin | Fall 2008
Bond Volume, by Term of Issue
Bonds are classified as either short-term or longterm, depending on the length of time from issuance
to maturity. Bonds having maturities of less than 13
months are typically classified as short-term, while
those having maturities of 13 months or more are
classified as long-term. Governmental bond issues
totaled $319.4 billion in 2006, a 12.4-percent decrease from the record $364.5 billion issued in 2005.
Long-term bonds accounted for $272.2 billion, more
than 85 percent of all Governmental bond proceeds.
Long-term bonds are generally used to finance construction or other capital improvement projects. The
remaining $47.2 billion of Governmental bonds was
issued for short-term projects.
Most short-term Governmental bonds are issued
in the form of 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.
The proceeds of a BAN are typically used to pay
for startup costs associated with a future, long-term
bond-financed project. A renewal BAN can be issued on maturity of an outstanding BAN, until,
eventually, the proceeds of the future bond issue
are used to pay off, or retire, the outstanding BAN.
Combined, TANs, RANs, and BANs comprised 89.5
percent of all short-term Governmental bond proceeds for 2006.
Tax-exempt private activity bond issues totaled
$108.9 billion in 2006, a 1.3-percent decrease from
the $110.3 billion issued in 2005. Short-term bonds
accounted for $0.3 billion, only 0.3 percent, of the
total private activity bond proceeds for 2006.
private activity bonds, this ratio was slightly less—of
the $108.6 billion of total long-term issues, 58.3 percent was new money, and 41.7 percent was refunding. For 2005, long-term new money and refunding
proceeds were nearly equal, for both Governmental
and tax-exempt private activity bonds.
Figure A3 charts the behavior of tax-exempt
bond interest rates over the same period. Refunding
activity occurs more often when interest rates are
Figure A1
Volume of Long-Term Governmental Bonds
Issued, by Type and Issue Year, 2001-2006
Billions of dollars
350
$311.3
300
$275.7
$282.6
250
$269.5
200
$204.8
150
$124.6
$148.1
$154.8
$157.7
$272.2
$159.8
$180.2
$151.6
$127.6
100
50
$127.9
$111.8
$92.1
$80.2
0
2001
2002
All issues
2003
2004
New money issues
2005
2006
Refunding issues
Figure A2
Volume of Long-Term Private Activity Bonds
Issued, by Type and Issue Year, 2001-2006
Billions of dollars
Long-Term Bond Volume, by Type of Issue
248
Total bond issuance is composed of both nonrefunding (“new money”) issues and refunding issues. The
proceeds of new money issues finance new capital
projects, while proceeds of refunding issues retire
outstanding debt of prior bond issues. A bond issue
can include both new and refunding proceeds.
Figures A1 and A2 show total issuance, as well
as the split between new money and refunding issues, for both Governmental and tax-exempt private
activity bonds issued between 2001 and 2006. Of
the $272.2 billion of long-term Governmental bond
proceeds issued during 2006, new money issues outnumbered refunding issues 2 to 1. For tax-exempt
120
$109.5
100
80
60
$91.1
$108.6
$92.6
$93.1
$82.1
$49.4
$63.3
$50.2
40
$32.7
$40.8
$54.8
$47.0
$47.9
$45.6
$45.2
2003
2004
$54.7
$45.3
20
0
2001
2002
All issues
New money issues
2005
2006
Refunding issues
Tax-Exempt Bonds, 2006
Statistics of Income Bulletin | Fall 2008
Figure A3
pital bonds issued to benefit entities exempt from
income tax under IRC section 501(c)(3), combined,
accounted for 51.9 percent of the $108.6 billion of
long-term private activity bonds issued for 2006.
Private activity bonds issued to provide housing assistance in the form of qualified residential rental
projects and qualified mortgages (including Gulf
Opportunity Zone mortgages and qualified veterans’
mortgages not shown in Figure B) accounted for another 28.9 percent of total proceeds.
Average Annual Interest Rates on Tax-Exempt
State and Local Bonds, 2001-2006 [1]
Interest rate
6.00
5.75
5.50
5.25
5.15
5.04
5.00
4.75
4.68
4.75
4.40
4.50
4.40
4.25
4.00
2001
2002
2003
Year
2004
2005
2006
[1] Interest rate data obtained from Federal Reserve Board, "Federal Statistical Release
H.15: Selected Interest Rates, Historical Data." These data can be found at:
http://www.federalreserve.gov/releases/H15/data.htm.
NOTE: Detail may not add to total because of rounding.
falling, as borrowers look to reduce future debt service payments over the life of the bond. The overall
increase in refunding issues for Issue Years 2001
through 2005 illustrates this point. The sharp reduction in refundings between 2005 and 2006 might be
attributed to uncertainty about market conditions
and future changes in interest rates, as well as the reduced inventory of outstanding bonds resulting from
refunding activity in recent years.9
Long-Term Bond Volume, by Selected Purpose
Figure B presents the composition of long-term taxexempt bond proceeds, by selected purpose as well
as type of issue, for both Governmental and private
activity bond issues. More than half (61.9 percent) of
the total $272.2 billion long-term Governmental bond
proceeds for 2006 financed education, utilities, and
transportation projects. Just over one-fourth (26.3
percent) of the long-term Governmental bond proceeds were allocated for “other bond purposes” (i.e.,
specific purpose(s) did not apply or were not separately allocated by the issuer). For all of the Governmental bond purposes shown in Figure B, more proceeds were spent financing new capital projects than
were put toward refunding prior bond issues.
Qualified section 501(c)(3) bonds, which include
total qualified hospital bonds and qualified nonhos-
Overview of Bond Issues, by State
Total new money long-term Governmental bond volume increased $28.6 billion (18.9 percent) from 2005
to 2006. States with significant increases in new
money long-term Governmental bond issues from
2005 to 2006 include Tennessee, whose issuance
jumped from $1.2 billion in 2005 to $6.4 billion in
2006; Wyoming, whose issuance rose 172.6 percent,
from slightly less than $49 million in 2005 to $133.7
million in 2006; the District of Columbia, whose issuance more than doubled, from just less than $0.5
billion in 2005 to $0.9 billion in 2006; and Louisiana,
whose issuance also more than doubled, from $1.6
billion in 2005 to $3.3 billion in 2006.
Vermont experienced a significant decrease in
new money long-term Governmental bond issues,
from $314.0 million in 2005 to $94.4 million in
2006, as did Massachusetts, whose issuance fell 47.5
percent, from $5.5 billion in 2005 to $2.9 billion in
2006. In all, 18 States reduced the amount of new
money long-term Governmental bonds issued from
2005 to 2006, by $10.2 billion, down from the 23
States whose combined issuance fell $23.7 billion for
the corresponding 2004 to 2005 timeframe.
Figure C1 presents the amount of Governmental
bonds issued for the top 15 States, in terms of total
dollar volume of new money long-term tax-exempt
Governmental bonds issued for 2006. Combined,
the top 15 States accounted for 68.2 percent of the
total $180.2 billion of new money long-term Governmental bond issues for the year. About $78.5 billion
(43.5 percent) of the total were issued by authorities
in the following five States: California (12.8 percent), Texas (10.6 percent), New York (8.3 percent),
Florida (7.4 percent), and Illinois (4.4 percent). According to 2006 Census estimates, together, these
9 There is a limit on the number of times tax-exempt bonds can be refunded. New tax-exempt Governmental bonds are limited to one advance refunding. Advance
refundings are prohibited with respect to tax-exempt private activity bonds. Three exceptions to this rule are qualified section 501(c)(3) bonds, certain bonds designated as
“liberty advance refunding bonds,” and bonds designated as “Gulf Opportunity Zone advance refunding bonds,” all of which are allowed one advance refunding.
249
Tax-Exempt Bonds, 2006
Statistics of Income Bulletin | Fall 2008
Figure B
Long-Term Governmental Bonds, by Selected Bond Purpose and Type of Issue, 2006
Billions of dollars
100
90
80
70
$30.4
60
$25.2
50
40
30
$15.6
$9.5
$27.0
$28.9
$57.2
$46.5
20
$6.8
10
$1.9
$9.8
0
Education
Other
purposes [1]
Utilities
Transportation
Environment
$1.5
$5.4
$3.4
Public safety
Health and
hospital
Bond purpose
Long-Term Tax-Exempt Private Activity Bonds, by Selected Bond Purpose and Type of Issue, 2006
Billions of dollars
35
30
25
$12.3
20
$9.4
$12.2
15
10
$19.8
$1.7
$14.8
$10.3
5
$2.4
$6.0
$0.3
$3.9
$2.6
Airport
Qualified student
loan
Solid waste
disposal
0
Qualified section
501(c)(3)
nonhospital
Qualified hospital
Qualified
mortgage
Qualified
residential rental
Bond purpose
New money issues
Refunding issues
[1] "Other purposes" refer to obligations for which a specific purpose either did not apply or was not clearly indicated on Form 8038-G.
250
$0.5
$2.9
Tax-Exempt Bonds, 2006
Statistics of Income Bulletin | Fall 2008
Figure C1
New Money Long-Term Governmental Bonds, by Selected Bond Purpose, for Top 15 States, Ranked
by Total Governmental Bond Issuance, 2006
[Money amounts are in millions of dollars]
Selected bond purpose
Total
Education
State of issue
Other purposes [1]
Amount
Percentage
of State
total
(4)
(5)
Transportation
Utilities
Amount
Percentage
of State
total
(6)
(7)
Environment
Amount
Amount
Percentage
of State
total
Amount
Percentage
of State
total
Amount
Percentage
of State
total
(1)
(2)
(3)
(8)
(9)
(10)
(11)
Total, all States
180,167
57,162
31.7
46,480
25.8
28,912
16.0
26,980
15.0
9,849
5.5
California
23,069
9,698
42.0
4,625
20.0
3,509
15.2
2,396
10.4
1,736
7.5
Texas
19,175
6,625
34.6
2,249
11.7
4,494
23.4
4,990
26.0
216
1.1
New York
15,017
3,633
24.2
5,619
37.4
4,726
31.5
353
2.4
377
2.5
Florida
13,345
4,208
31.5
4,523
33.9
814
6.1
2,648
19.8
315
2.4
Illinois
7,845
2,757
35.1
1,656
21.1
1,842
23.5
749
9.5
567
7.2
Tennessee
6,404
283
4.4
516
8.1
34
0.5
5,327
83.2
4
0.1
Pennsylvania
5,399
2,155
39.9
1,706
31.6
568
10.5
70
1.3
572
10.6
3.4
Missouri
4,854
1,022
21.1
1,024
21.1
1,000
20.6
1,284
26.5
167
Washington
4,486
1,585
35.3
970
21.6
593
13.2
795
17.7
212
4.7
Georgia
4,409
1,132
25.7
1,355
30.7
960
21.8
35
0.8
585
13.3
New Jersey
4,142
1,579
38.1
771
18.6
1,314
31.7
21
0.5
234
5.6
Colorado
3,916
1,365
34.9
805
20.6
711
18.2
363
9.3
77
2.0
Virginia
3,842
1,663
43.3
1,325
34.5
129
3.4
193
5.0
135
3.5
Arizona
3,498
1,054
30.1
864
24.7
537
15.4
591
16.9
315
9.0
North Carolina
3,477
1,568
45.1
918
26.4
83
2.4
501
14.4
103
3.0
Footnotes at end of figure C2.
five States accounted for 36.7 percent of the total
U.S. population.10
An examination of issuance by State reveals
some differences in the allocation of proceeds by
bond purpose. Overall, for 2006, 31.7 percent of
the $180.2 billion of new money long-term Governmental bonds was issued for educational purposes.
However, of the total amount of new money longterm bonds issued in North Carolina, 45.1 percent
was issued for education, compared to 24.2 percent
in New York and 4.4 percent in Tennessee for the
same purpose.
Transportation projects accounted for 16.0 percent of States’ total new money long-term proceeds.
In New Jersey, however, 31.7 percent of the total
new money long-term Governmental bond proceeds
was for transportation, while, in Florida, only 6.1
percent was allocated for the same purpose. Transportation bonds accounted for only 3.4 percent of
10
Virginia’s total amount of new money long-term
bond issues.
Tennessee allocated 83.2 percent of its total
amount of new money long-term bonds to utility
projects, considerably more than the U.S. total (15.0
percent). Missouri and Texas also spent large portions of their totals on utility projects–26.5 percent
and 26.0 percent, respectively.
Total new money long-term tax-exempt private
activity bond volume increased $8.6 billion (15.7
percent) from 2005 to 2006. Figure C2 presents
the amount of bonds issued for the top 15 states, in
terms of total dollar volume of new money longterm tax-exempt private activity bonds. Mississippi
substantially increased its issuance of new money
long-term private activity bonds from 2005 to 2006,
from $217.2 million in 2005 to $814.2 million in
2006. The majority of this increase is attributed to
the $419.0 million of Gulf Opportunity Zone and
The resident population estimates were produced by the U.S. Bureau of the Census and published in Internal Revenue Bulletin Number 2006-11 (Notice 2006-22).
251
Tax-Exempt Bonds, 2006
Statistics of Income Bulletin | Fall 2008
Figure C2
New Money Long-Term Tax-Exempt Private Activity Bonds, by Selected Bond Purpose, for Top 15 States,
Ranked by Total Tax-Exempt Private Activity Bond Issuance, 2006
[Money amounts are in millions of dollars]
Selected bond purpose
Total
Qualified section
501(c)(3) nonhospital
Amount
Amount
Percentage
of State
total
(3)
State of issue
Qualified hospital
Qualified residential
rental
Qualified mortgage
Amount
Percentage
of State
total
(4)
(5)
Airports, docks, and
wharves [2]
Amount
Percentage
of State
total
Amount
Percentage
of State
total
Amount
Percentage
of State
total
(6)
(7)
(8)
(9)
(10)
(11)
(1)
(2)
63,286
19,791
31.3
14,846
23.5
10,318
16.3
6,036
9.5
3,496
5.5
California
6,031
2,957
49.0
745
12.4
423
7.0
1,451
24.1
d
d
New York
4,529
2,375
52.4
184
4.1
181
4.0
1,307
28.9
260
5.7
Texas
3,867
907
23.5
1,061
27.4
500
12.9
436
11.3
d
d
Ohio
3,443
603
17.5
1,360
39.5
910
26.4
161
4.7
d
d
Florida
2,929
631
21.5
926
31.6
522
17.8
267
9.1
284
9.7
Pennsylvania
2,668
1,368
51.3
435
16.3
416
15.6
d
d
0
0.0
Indiana
2,320
484
20.9
624
26.9
309
13.3
d
d
d
d
North Carolina
2,308
309
13.4
1,043
45.2
130
5.6
d
d
d
d
Illinois
2,034
847
41.6
366
18.0
520
25.6
203
10.0
d
d
Washington
1,852
813
43.9
480
25.9
188
10.2
243
13.1
d
d
Maryland
1,833
1,287
70.2
254
13.9
205
11.2
45
2.5
d
d
Virginia
1,814
690
38.0
391
21.6
d
d
119
6.6
d
d
Massachusetts
1,774
903
50.9
224
12.6
d
d
272
15.3
0
0.0
Colorado
1,710
464
27.1
861
50.4
135
7.9
80
4.7
58
3.4
Wisconsin
1,661
575
34.6
520
31.3
414
24.9
d
d
d
d
Total, all States
d—Data deleted to avoid disclosure of information about specific bonds. However, the data are included in the appropriate totals.
[1] 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 the Form 8038-G. It does not include
specific purposes, such as public safety and housing, that are not shown separately in this figure. See Table 1.
[2] For purposes of this figure, certain bond purposes were combined. For this reason, data in this figure will differ slightly from the data in Tables 8 and 9.
NOTE: Detail may not add to totals because of rounding.
252
Gulf Opportunity Zone mortgage bonds issued to
provide relief from the effects of Hurricane Katrina.
Significant increases also occurred in Alabama,
whose issuance more than tripled, from $243.9 million in 2005 to $903.0 million in 2006; California,
whose issuance was up from $4.8 billion in 2005 to
$6.0 billion in 2006; Texas, whose issuance increased
from $2.8 billion in 2005 to $3.9 billion in 2006;
Florida, whose issuance increased from $2.0 billion
in 2005 to $2.9 billion in 2006; and Maryland, whose
issuance doubled, from $0.9 billion in 2005 to $1.8
billion in 2006.
New York experienced a significant decrease in
new money long-term private activity bond issuance,
from $6.8 billion in 2005 to $4.5 billion in 2006, as
did Arizona, whose issuance fell 63.2 percent, from
$1.6 billion in 2005 to $0.6 billion in 2006; Georgia,
whose issuance fell 48.1 percent, from $1.8 billion in
2005 to $0.9 billion in 2006; and Michigan, whose
issuance fell 31.2 percent, from $2.3 billion in 2005
to $1.6 billion in 2006. In all, 17 States issued a
smaller amount of new money long-term private
activity bonds in 2006 than in 2005, for a total reduction of $6.6 billion.
Combined, the top 15 States accounted for 64.4
percent of the total $63.3 billion of new money longterm private activity bond issues for the year. Close
to one-third ($20.8 billion) of the total was issued by
authorities in the following five States: California
(9.5 percent), New York (7.2 percent), Texas (6.1 percent), Ohio (5.4 percent), and Florida (4.6 percent).
Similar to Governmental bond issuance, there
were differences in the composition of total new
money long-term private activity bond issuance, by
Tax-Exempt Bonds, 2006
Statistics of Income Bulletin | Fall 2008
purpose, among the States. Examining the bond allocations by purpose for 2006, overall, 31.3 percent of
the amount of new money long-term private activity
bonds was issued for qualified IRC section 501(c)(3)
nonhospital organizations. Another 23.5 percent was
issued for qualified hospital bonds.
Of the total amount of new money long-term
private activity bonds issued in Maryland, 70.2 percent was issued for IRC section 501(c)(3) nonhospital
organizations, compared to 17.5 percent in Ohio and
13.4 percent in North Carolina for the same purpose.
Qualified hospital bonds accounted for 50.4 percent
of Colorado’s new money long-term private activity bond issues, compared to 12.6 percent in Massachusetts and 4.1 percent in New York for the same
purpose.
Together, States allocated only 9.5 percent of
the $63.3 billion of new money long-term private
activity bonds in 2006 for qualified residential rental
projects. However, both New York and California
directed a much larger share of their total new money
long-term issuances to this purpose, 28.9 percent and
24.1 percent, respectively.
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. For each of the qualified issue types subject to the unified volume cap, there is no specific
limit on the dollar amount of issuance; rather, each
State must allocate issuance authority in such a way
that the combined issuance does not exceed the annual volume cap. The unified State volume cap is
adjusted annually for population growth and is also
indexed for inflation.11 Other types of private activity bonds are subject to separate volume limitations
based on the specific bond purpose, or types of
projects being financed. 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 D 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 2006.
The total amount of new bonds issued by a State can
exceed that State’s total volume cap allocation 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.12, 13 For 2006, issuers reported allocating a combined $408.1 million of State
volume cap to the total $319.4 billion of total Governmental bond issues. This indicates some private
business involvement, but not in an amount sufficient
to satisfy the 10-percent use criteria for private activity bonds for each Governmental bond issue.
Summary
Over 25,000 Governmental bonds were issued in
2006, raising $319.4 billion of proceeds for public
projects such as schools, transportation infrastructure, and utilities. Of the $272.2 billion of long-term
Governmental bonds issued, $180.2 billion of proceeds were used to finance new projects, while the
remaining $92.0 billion of proceeds refunded prior
Governmental bond issues. In addition, over 3,800
tax-exempt private activity bonds were issued in
2006, for a total $108.9 billion in proceeds. These
tax-exempt private activity bond proceeds financed
qualified private facilities (such as residential rental
facilities, single family housing, and airports), as
well as the facilities of Internal Revenue Code section 501(c)(3) organizations (such as hospitals and
11
For 2006, the volume cap was the greater of $80 per capita or $246,610,000. Volume caps for U.S. possessions, with the exception of Puerto Rico, are determined under
IRC section 146(d)(4).
12 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.
13 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.
253
Tax-Exempt Bonds, 2006
Statistics of Income Bulletin | Fall 2008
Figure D
New Money Long-Term Tax-Exempt Private Activity Bonds, Carryforward, and Volume Cap, by State
of Issue, 2006
[Money amounts are in millions of dollars]
State of issue
Total amount
of bonds issued
Amount subject to the unified
State volume cap [1]
Amount not subject to the
volume cap under a
carryforward election [2]
Total volume cap
allocation [3]
(1)
(2)
(3)
(4)
63,285.9
24,023.0
11,098.7
26,751.0
Alabama
903.0
318.8
257.9
364.6
Alaska
730.6
386.8
339.8
246.6
Arizona
574.4
268.8
d
475.1
Arkansas
401.3
291.5
d
246.6
California
6,030.9
2,321.2
649.1
2,890.6
Colorado
1,710.4
327.4
162.3
373.2
Connecticut
910.6
339.8
d
280.8
Delaware
373.4
296.5
296.5
246.6
Total, all States
District of Columbia
775.0
44.7
41.8
246.6
Florida
2,928.8
1,060.6
606.0
1,423.2
Georgia
911.8
329.1
256.0
725.8
Hawaii
d
d
d
246.6
Idaho
250.9
243.9
195.0
246.6
Illinois
2,033.9
777.0
509.3
1,021.1
Indiana
2,319.6
501.6
d
501.8
Iowa
577.3
301.5
142.3
246.6
Kansas
642.6
262.2
215.4
246.6
Kentucky
694.0
215.7
42.8
333.9
Louisiana
832.6
430.5
153.4
361.9
Maine
454.8
83.5
77.9
246.6
Maryland
1,833.1
264.7
236.9
448.0
Massachusetts
1,773.7
646.9
d
511.9
Michigan
1,596.0
451.5
241.6
809.7
Minnesota
1,190.4
444.4
137.0
410.6
Mississippi
814.2
356.8
299.3
246.6
Missouri
980.6
602.9
334.6
464.0
Footnotes at end of figure.
private universities). Of the $108.6 billion of longterm private activity bonds issued, $63.3 billion of
proceeds were used to finance new projects, while
the remaining $45.3 billion of proceeds refunded
prior tax-exempt private activity bond issues.
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
254
Year 2006. 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 tax-exempt 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, 2006, to
May 4, 2008, for bonds issued in 2006. Where pos-
Tax-Exempt Bonds, 2006
Statistics of Income Bulletin | Fall 2008
Figure D—Continued
New Money Long-Term Tax-Exempt Private Activity Bonds, Carryforward, and Volume Cap, by State
of Issue, 2006—Continued
[Money amounts are in millions of dollars]
State of issue
Total amount
of bonds issued
Amount subject to the unified
State volume cap [1]
Amount not subject to the
volume cap under a
carryforward election [2]
Total volume cap
allocation [3]
(1)
(2)
(3)
(4)
Montana
442.4
330.0
270.1
246.6
Nebraska
461.4
541.6
407.4
125.4
349.8
110.8
246.6
246.6
Nevada
New Hampshire
New Jersey
419.4
214.5
51.8
246.6
1,221.1
458.8
94.7
697.4
New Mexico
235.4
189.7
d
246.6
New York
4,529.4
1,525.2
706.9
1,540.4
North Carolina
2,307.8
655.7
382.7
694.7
North Dakota
175.8
123.2
d
246.6
3,443.2
1,472.7
d
917.1
Oklahoma
612.3
290.4
65.7
283.8
Oregon
291.8
25.1
21.4
291.3
Pennsylvania
2,667.5
859.5
521.9
994.4
Rhode Island
430.4
319.7
216.5
246.6
South Carolina
633.0
403.4
82.9
340.4
South Dakota
138.1
82.9
d
246.6
Tennessee
1,422.4
338.3
171.6
477.0
Texas
3,867.1
1,787.6
414.1
1,828.8
Utah
209.4
191.6
66.3
246.6
Vermont
377.4
311.8
d
246.6
Virginia
1,814.1
629.1
524.2
605.4
Washington
1,852.2
472.0
81.7
503.0
West Virginia
562.4
272.3
251.2
246.6
Wisconsin
1,661.1
539.8
420.3
442.9
Wyoming
387.0
386.3
230.8
246.6
d
d
d
313.0
Ohio
U.S. Possessions [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 calculations are based on the data reported on Part II of Form 8038 for type of issue, and include the following: mass commuting facilities, water furnishing facilities, sewage
facilities, solid waste disposal facilities, qualified residential rental projects, local electric energy or gas furnishing facilities, local district heating and 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 volume cap amount was calculated based on State population estimates produced by the U.S. Bureau of the Census and published in Internal Revenue Bulletin Number 200611 (Notice 2006-22). For 2006, the volume cap was the greater of $80 per capita or $246.6 million.
[4] U.S. possessions include Puerto Rico, the U.S. Virgin Islands, Guam, and the Northern Mariana Islands.
sible, data from amended returns filed and processed
before the cutoff date were included. Late-filed
returns for tax-exempt bonds issued during 2006
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. Wherever possible, returns with incomplete information, mathematical errors, or other
reporting anomalies were edited to resolve internal
inconsistencies. However, in other cases, it was not
possible to reconcile reporting discrepancies. Thus,
255
Tax-Exempt Bonds, 2006
Statistics of Income Bulletin | Fall 2008
a certain amount of reporting and processing error
may remain.
Explanation of Selected Terms
256
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.
Enterprise Zone facility bond—Established by
the passage of the Revenue Reconciliation Act of
1993, this type of exempt facility bond 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 “District of Columbia
Enterprise Zone.” Qualified enterprise zone facility
bonds are generally subject to the same rules as exempt facility bonds.
Exempt facility bond—Bond issue of which 95
percent or more of the net proceeds is 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.
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 Governmental bond is excluded from gross income under
IRC section 103.
Gulf Opportunity Zone bond—The Gulf Opportunity Zone Act of 2005, signed into law as Public
Law 109-135 on December 21, 2005, authorized a
new category of tax-exempt bonds. The proceeds of
such bonds are used to finance the construction and
rehabilitation of certain residential and nonresidential property located in certain localities in Alabama,
Louisiana, and Mississippi, designated as the “Gulf
Opportunity Zone.” This area constitutes the portion
of the Hurricane Katrina disaster area determined by
the President to warrant individual or individual and
public assistance from the Federal Government, under the Robert T. Stafford Disaster Relief and Emergency Assistance Act.
IRC section 1400N(a)(2) defines a qualified Gulf
Opportunity Zone Bond as any bond issued as part of
an issue if it meets the following requirements: (1)
95 percent or more of the net proceeds is to be used
for qualified project costs, or such issue meets the
requirements of a qualified mortgage issue, except
as otherwise provided in IRC section 1400N(a); (2)
such bond is issued by the State of Alabama, Louisiana, or Mississippi or any political subdivision
thereof; (3) such bond is designated for purposes
of IRC section 1400N(a) either by the Governor, or
approved bond commission, of such State; (4) the
bond is issued after December 21, 2005, and before
January 1, 2011; and (5) no portion of the proceeds
of such issue is to be used to provide any property
described in IRC section 144(c)(6)(B).
Gulf Opportunity Zone Bonds that meet the general requirements of a qualified mortgage bond issue,
and the proceeds of such bond issues that finance
residences located in the Gulf Opportunity Zone,
shall be treated as qualified mortgage bonds (“Gulf
Opportunity Zone Mortgage Bonds”), as described
in IRC section 1400N(a)(2)(A)(ii). The Act also
authorized the issuance of “Gulf Opportunity Zone
Advance Refunding Bonds,” which allow for an additional advance refunding for certain bonds, issued
by the States of Alabama, Louisiana, or Mississippi
(or any political subdivision thereof), and outstanding on August 28, 2005. This provision was effective
for bonds issued between December 21, 2005, and
January 1, 2011. (See Internal Revenue Service Notice 2006-41, Internal Revenue Bulletin 2006-18, for
additional information.)
New York Liberty Zone 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 on
September 11, 2001. IRC 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:
(1) 95 percent or more of the net proceeds of such
issue must be used for qualified project costs; (2) the
Tax-Exempt Bonds, 2006
Statistics of Income Bulletin | Fall 2008
bond must be issued by the State of New York or any
political subdivision thereof; (3) 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 (4) 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.
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 is 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
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 green building and sustainable design
project—Bond issue of which 95 percent or more of
the net proceeds is used to finance qualified green
building and sustainable design projects, as designated by the Secretary of the Treasury, after consultation with the Administrator of the Environmental
Protection Agency. The project must be nominated
by a State or local government, and the issuer must
submit a detailed application to the Treasury Department for consideration, and, on approval, allocation of a specified issuance amount. Section 701
of the American Jobs Creation Act of 2004 added
IRC sections 142(a)(14) and 142(l), authorizing up
to $2 billion of tax-exempt private activity bonds,
not subject to the unified volume cap, for qualified
green building and sustainable design projects, to be
issued between December 31, 2004, and October 1,
2009. (See Internal Revenue Service Notice 200641, Internal Revenue Bulletin 2006-18, for additional
information.)
Qualified highway or surface transfer freight
facility bond—Bond issue of which 95 percent or
more of the net proceeds is used to provide qualified
highway or surface freight transfer facilities. Section
11143 of the Safe, Accountable, Flexible, Efficient,
Transportation Equity Act: A Legacy for Users (SAFETEA-LU) Public Law 109-59, signed into law on
August 10, 2005, added IRC sections 142(a)(15) and
142(m). Section 142(m)(1) defines the term “qualified highway or surface freight transfer facilities” as:
(a) any surface transportation project that receives
Federal assistance under title 23, United States Code
(as in effect on August 10, 2005); (b) any project for
an international bridge or tunnel for which an international entity authorized under Federal or State law
is responsible and that receives Federal assistance
under title 23, United States Code (as so in effect);
or, (c) any facility for the transfer of freight from
truck to rail or rail to truck (including any temporary
storage facilities directly related to such transfers)
that receives Federal assistance under either title 23
or title 49, United States Code (as so in effect). This
legislation authorized issuance of up to $15 billion
of such bonds, not subject to the unified volume cap,
applicable to bonds issued after August 10, 2005.
Allocation of the $15-billion national limitation is
under the jurisdiction of the Department of Transportation. (See Internal Revenue Service Notice 200645, Internal Revenue Bulletin 2006-20, for additional
information.)
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 meets 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 public educational facility bond—
Bond issue of which 95 percent or more of the net
proceeds is used to provide qualified public educational facilities, defined by IRC section 142(k)(1)
as any school facility that is: (a) part of a public
elementary or secondary school; and (b) is owned
by a private, for-profit corporation under a publicprivate partnership agreement with a State or local
educational agency. Under a “public-private partnership agreement,” the corporation agrees to construct,
rehabilitate, refurbish, or equip a school facility and,
257
Tax-Exempt Bonds, 2006
Statistics of Income Bulletin | Fall 2008
at the end of the term of the agreement, to transfer
the school facility to the State or local educational
agency for no additional consideration. Such bonds
are not subject to the unified volume cap; rather, the
annual State limit is equal to the lesser of $10 per
resident or $5 million.
Qualified redevelopment bond—Bond issue of
which 95 percent or more of the net proceeds is 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—Bonds 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 is 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 is used to finance
the acquisition of land and depreciable property or
to refund such issues. In certain instances, an election to take certain capital expenditures into account
can increase the limit on bond size, from $1 million
to $10 million. These bonds may only be used to
finance manufacturing facilities and to benefit certain
first-time farmers.
258
Qualified student loan bond—Bond issue of
which 90 percent or more of the net proceeds is 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 is 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 is 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, including data
for prior years, can be found on the SOI Web site:
http://www.irs.gov/taxstats. (Click on “Tax-Exempt Bonds.”)
Tax-Exempt Bonds, 2006
Statistics of Income Bulletin | Fall 2008
Table 1. Governmental Bonds, by Type and Term of Issue, 2006
[Money amounts are in millions of dollars]
Type and term of issue
All issues, total [1]
Number
Amount
25,226
319,394
Short-term
6,671
47,160
Long-term
18,555
272,234
20,880
218,318
New money issues, total
Short-term
5,064
38,150
Long-term
15,816
180,167
6,412
101,076
Refunding issues, total
Short-term
2,248
9,009
Long-term
4,164
92,067
[1] A given bond issue can include both new money and refunding proceeds. Thus, the number of new money issues plus the number of refunding issues will sometimes exceed
the total number of issues. However, the money amounts add to the totals.
NOTE: Detail may not add to totals because of rounding.
Table 2. Long-Term Governmental Bonds, by Bond Purpose and Type of Issue, 2006
[Money amounts are in millions of dollars]
All issues
Bond purpose
Total [1]
Education
Health and hospital
Transportation
New money issues
Refunding issues
Number
Amount
Number
Amount
Number
Amount
(1)
(2)
(3)
(4)
(5)
(6)
18,555
272,234
15,816
180,167
4,164
92,067
6,109
87,605
4,979
57,162
1,526
30,443
445
4,899
403
3,381
80
1,518
1,221
38,379
1,062
28,912
282
9,467
Public safety
2,399
7,261
2,291
5,390
203
1,872
Environment
1,296
16,696
1,062
9,849
447
6,847
Housing
143
930
116
444
38
487
Utilities
2,109
42,546
1,655
26,980
747
15,567
Bond and tax/revenue anticipation notes
Other purposes [2]
319
2,204
297
1,570
45
634
5,690
71,713
4,931
46,480
1,319
25,233
[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 add to the totals.
[2] "Other purposes" refer to obligations for which a specific purpose either did not apply or was not clearly indicated on the Form 8038-G.
NOTE: Detail may not add to totals because of rounding.
259
Tax-Exempt Bonds, 2006
Statistics of Income Bulletin | Fall 2008
Table 3. Computation of Lendable Proceeds for Long-Term Governmental Bonds, by Bond
Purpose, 2006
[Money amounts are in millions of dollars]
Bond purpose
Total [1]
Education
Health and hospital
Transportation
Entire issue price
Bond issuance
costs
Credit
enhancement
Allocation to reserve
fund
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
18,555
272,234
11,217
2,454
4,700
847
1,507
2,838
6,109
87,605
3,880
771
2,010
188
317
385
445
4,899
235
56
90
32
43
100
1,221
38,379
814
257
309
121
97
399
Public safety
2,399
7,261
719
73
294
21
59
73
Environment
1,296
16,696
885
134
344
44
140
198
Housing
143
930
93
11
18
2
32
10
Utilities
2,109
42,546
1,741
407
782
150
306
685
Bond and tax/revenue anticipation notes
Other purposes [3]
Bond purpose
319
2,204
245
10
4
[2]
3
1
5,690
71,713
3,675
736
1,371
288
554
989
Total lendable
proceeds
Proceeds used to
refund prior issues
Nonrefunding
proceeds
Number
Amount
Number
Amount
Number
(9)
(10)
(11)
(12)
(13)
(14)
18,555
266,095
4,164
90,333
15,816
175,762
6,109
86,261
1,526
30,013
4,979
56,248
445
4,710
80
1,453
403
3,257
Transportation
1,221
37,602
282
9,291
1,062
28,311
Public safety
2,399
7,095
203
1,839
2,291
5,256
Environment
1,296
16,320
447
6,732
1,062
9,588
Total [1]
Education
Health and hospital
Amount
Housing
143
907
38
478
116
429
Utilities
2,109
41,304
747
15,291
1,655
26,013
Bond and tax/revenue anticipation notes
Other purposes [3]
319
2,194
45
633
297
1,561
5,690
69,701
1,319
24,602
4,931
45,098
[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 add to the totals.
[2] Indicates an amount less than $500,000.
[3] "Other purposes" refer to obligations for which a specific purpose either did not apply or was not clearly indicated on the Form 8038-G.
NOTE: Detail may not add to totals because of rounding.
260
Tax-Exempt Bonds, 2006
Statistics of Income Bulletin | Fall 2008
Table 4. New Money Long-Term Governmental Bonds, by Bond Purpose and Size of Entire Issue, 2006
[Money amounts are in millions of dollars, except for size of entire issue, which is in whole dollars]
Size of entire issue
All issues
Bond purpose
$500,000
under
$1,000,000
Under
$500,000 [1]
$1,000,000
under
$5,000,000
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
15,816
4,979
403
1,062
2,291
1,062
116
1,655
297
4,931
180,167
57,162
3,381
28,912
5,390
9,849
444
26,980
1,570
46,480
Total [2]
Education
Health and hospital
Transportation
Public safety
Environment
Housing
Utilities
Bond and tax/revenue anticipation notes
Other purposes [3]
5,972
1,733
94
357
1,415
284
19
340
50
1,739
1,409
413
26
78
326
65
6
82
14
400
1,881
543
52
117
266
133
22
198
40
571
1,283
375
34
71
180
76
15
126
27
379
3,753
1,045
105
269
324
314
42
568
151
1,226
8,701
2,442
229
488
619
572
99
1,216
344
2,693
Size of entire issue—continued
$5,000,000
under
$10,000,000
Bond purpose
$10,000,000
under
$25,000,000
$25,000,000
under
$75,000,000
$75,000,000
or more
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
Total [2]
1,546
10,265
1,276
18,367
880
32,887
508
107,255
Education
526
3,536
537
7,725
401
15,222
194
27,449
Health and hospital
53
345
45
623
31
919
23
1,206
Transportation
90
363
85
835
58
1,691
86
25,386
Public safety
120
626
78
752
55
1,302
33
1,585
Environment
127
592
92
977
58
1,397
54
6,170
Housing
13
70
9
116
6
98
5
39
Utilities
259
1,430
114
1,396
91
2,929
85
19,801
Bond and tax/revenue anticipation notes
32
210
12
162
9
328
3
486
Other purposes [3]
518
3,093
455
5,781
286
9,002
136
25,133
[1] Form 8038-G returns with an entire issue price less than $100,000 are excluded from the study. Issuers of these bonds are instructed to file Form 8038-GC, Information Return for Small
Tax-Exempt Governmental Bond Issues, Leases, and Installment Sales. Statistics of Income (SOI) does not process data from the Forms 8038-GC filed with the Internal Revenue Service.
[2] 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 add to the totals.
[3] "Other purposes" refer to obligations for which a specific purpose either did not apply or was not clearly indicated on the Form 8038-G.
NOTE: Detail may not add to totals because of rounding.
261
Tax-Exempt Bonds, 2006
Statistics of Income Bulletin | Fall 2008
Table 5. New Money Long-Term Governmental Bonds, by State of Issue and Bond Purpose, 2006
[Money amounts are in millions of dollars]
Bond purpose
Total [1]
State of issue
Number
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.
262
Education
Health and hospital
Public safety
Transportation
Amount
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
15,816
180,167
4,979
57,162
403
3,381
1,062
28,912
2,291
5,390
328
40
335
284
1,177
311
131
33
8
543
402
18
81
813
409
351
309
305
188
124
180
259
547
640
245
431
69
575
69
74
445
137
756
471
121
420
343
99
602
52
262
68
208
1,217
141
63
236
241
110
478
53
14
1,741
792
3,498
1,092
23,069
3,916
2,251
567
932
13,345
4,409
897
805
7,845
2,891
1,383
1,236
2,580
3,267
186
2,249
2,860
3,281
3,038
987
4,854
184
1,648
2,606
443
4,142
1,522
15,017
3,477
244
3,376
1,281
1,842
5,399
768
3,101
192
6,404
19,175
1,000
94
3,842
4,486
284
2,139
134
3,399
61
17
154
142
498
67
52
3
d
69
84
d
21
369
133
89
55
183
36
47
54
76
184
100
38
152
13
39
13
25
214
52
355
85
29
131
238
38
231
15
75
20
35
337
23
d
90
77
10
107
25
4
400
160
1,054
612
9,698
1,365
252
174
d
4,208
1,132
d
311
2,757
1,332
510
292
706
484
48
923
250
1,173
886
176
1,022
49
503
665
164
1,579
301
3,633
1,568
79
1,703
658
448
2,155
245
1,901
67
283
6,625
389
d
1,663
1,585
85
372
20
344
11
d
d
3
44
9
d
0
d
8
13
10
5
9
d
d
13
d
17
d
9
d
12
9
12
d
d
d
d
0
11
4
6
8
0
8
12
d
0
d
6
d
6
35
4
0
3
19
3
13
5
d
83
d
d
1
599
180
d
0
d
406
72
10
54
45
d
d
139
d
51
d
35
d
47
21
68
d
d
d
d
0
29
17
71
22
0
45
74
d
0
d
60
d
155
155
102
0
8
209
6
38
44
d
9
5
15
9
58
22
14
18
0
33
15
0
15
41
23
35
65
7
13
19
14
29
32
33
9
42
9
24
6
4
7
6
58
23
8
27
13
15
25
8
13
9
17
59
12
d
12
11
d
110
d
3
31
168
537
79
3,509
711
23
143
0
814
960
0
203
1,842
187
36
374
228
1,359
26
172
303
331
121
159
1,000
8
39
438
15
1,314
436
4,726
83
8
428
30
704
568
298
152
3
34
4,494
197
d
129
593
d
443
d
373
38
3
44
20
110
43
34
6
d
92
79
d
10
90
88
34
25
31
38
20
43
32
64
40
29
57
5
26
d
21
103
29
109
158
0
96
18
17
106
12
58
13
40
145
27
9
58
32
48
75
7
d
101
1
133
50
309
381
52
24
d
355
234
d
4
217
201
138
17
29
84
7
82
36
70
82
19
231
34
67
d
9
158
96
171
133
0
71
60
31
155
27
42
31
62
415
43
2
340
30
18
86
4
d
Tax-Exempt Bonds, 2006
Statistics of Income Bulletin | Fall 2008
Table 5. New Money Long-Term Governmental Bonds, by State of Issue and Bond Purpose,
2006—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
Housing
Bond and tax/revenue
anticipation notes
Utilities
Other purposes [3]
Number
Amount
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
1,062
9,849
116
444
1,655
26,980
297
1,570
4,931
46,480
d
0
12
16
54
14
15
d
0
25
71
0
6
42
32
32
38
3
22
9
40
35
86
36
9
27
5
16
13
d
14
4
28
24
d
24
3
3
88
5
15
d
9
36
d
8
15
10
16
71
d
d
d
0
315
69
1,736
77
39
d
0
315
585
0
26
567
532
99
37
102
66
8
199
379
831
94
3
167
3
65
516
d
234
23
377
103
d
153
5
291
572
29
31
d
4
216
d
4
135
212
50
428
d
d
0
d
d
0
d
d
0
0
0
5
4
0
0
d
d
d
0
d
0
0
4
d
d
6
0
d
d
d
0
d
4
0
d
d
13
3
0
0
6
d
9
d
7
d
0
0
3
10
0
4
0
0
0
d
d
0
d
d
0
0
0
13
35
0
0
d
d
d
0
d
0
0
21
d
d
13
0
d
d
d
0
d
5
0
d
d
9
1
0
0
15
d
19
d
7
d
0
0
17
52
0
5
0
0
49
0
13
62
57
22
8
d
0
67
32
d
6
67
26
36
60
24
27
d
9
27
42
84
4
48
5
45
9
3
8
13
22
31
54
16
39
10
21
d
17
13
65
295
38
17
22
29
d
93
5
d
402
0
591
135
2,396
363
202
d
0
2,648
35
d
15
749
251
138
89
1,217
51
d
172
20
510
199
112
1,284
2
709
33
13
21
201
353
501
112
130
274
180
70
d
559
73
5,327
4,990
144
12
193
795
d
167
11
d
d
0
0
0
d
d
d
d
0
5
0
0
7
d
21
16
17
22
6
6
4
5
d
48
0
d
d
24
0
5
3
0
d
d
d
5
0
d
12
0
0
d
16
d
d
d
4
9
4
17
0
d
d
0
0
0
d
d
d
d
0
64
0
0
47
d
45
78
41
120
25
21
4
6
d
124
0
d
d
34
0
31
33
0
d
d
d
12
0
d
158
0
0
d
16
d
d
d
31
40
1
71
0
d
160
12
99
43
353
135
69
8
6
241
118
5
13
211
74
133
106
30
34
35
74
150
121
303
144
91
26
394
22
16
99
29
202
166
13
129
35
16
130
24
80
7
51
326
32
12
72
51
25
194
5
7
709
443
864
145
4,625
805
1,674
96
464
4,523
1,355
476
144
1,656
286
345
246
163
1,146
73
640
1,843
309
1,499
450
1,024
83
195
923
183
771
448
5,619
918
31
832
180
177
1,706
159
336
16
516
2,249
114
58
1,325
970
44
528
50
2,046
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 add to the totals.
[2] U.S. Possessions include Puerto Rico, the U.S. Virgin Islands, Guam, and the Northern Mariana Islands.
[3] "Other purposes" refer to obligations for which a specific purpose either did not apply or was not clearly indicated on the Form 8038-G.
NOTE: Detail may not add to totals because of rounding.
263
Tax-Exempt Bonds, 2006
Statistics of Income Bulletin | Fall 2008
Table 6. Tax-Exempt Private Activity Bonds, by Type and Term of Issue, 2006
[Money amounts are in millions of dollars]
Type and term of issue
All issues, total [1]
Number
Amount
3,804
108,941
Short-term
58
360
Long-term
3,746
108,581
3,048
63,467
New money issues, total
Short-term
42
181
Long-term
3,006
63,286
1,361
45,474
Refunding issues, total
Short-term
20
179
Long-term
1,341
45,295
[1] A given bond issue can include both new money and refunding proceeds. Thus, the number of new money issues plus the number of refunding issues will sometimes exceed
the total number of issues. However, the money amounts add to the totals.
NOTE: Detail may not add to totals because of rounding.
264
Tax-Exempt Bonds, 2006
Statistics of Income Bulletin | Fall 2008
Table 7. Long-Term Tax-Exempt Private Activity Bonds, by Bond Purpose and Type of Issue, 2006
[Money amounts are in millions of dollars]
All issues
Bond purpose
New money issues
Refunding issues
Number
Amount
Number
Amount
Number
Amount
(1)
(2)
(3)
(4)
(5)
(6)
Total [1]
3,746
108,581
3,006
63,286
1,341
45,295
Airport
60
5,339
42
2,894
24
2,445
Docks and wharves
25
1,584
12
602
16
982
Water
13
372
7
54
7
318
Sewage
24
117
18
83
7
34
Solid waste disposal
114
3,049
98
2,560
21
490
Qualified residential rental
574
7,757
458
6,036
136
1,721
Local electricity or gas furnishing facilities
7
383
4
128
3
254
Local district heating or cooling facilities
3
20
3
20
0
0
Qualified hazardous waste facilities
d
d
d
d
d
d
Tax Reform Act of 1986 transition property
54
3,405
3
16
53
3,389
Qualified new empowerment zone
d
d
d
d
d
d
Qualified public educational facilities
d
d
d
d
d
d
Qualified green building and sustainable design
d
d
d
d
d
d
Qualified Gulf Opportunity Zone
27
624
d
d
d
d
Qualified New York Liberty Zone
6
548
3
183
3
365
301
22,480
230
10,318
203
12,162
Qualified Gulf Opportunity Zone mortgage
6
175
d
d
d
d
Qualified veterans' mortgage
8
954
3
105
6
849
Qualified mortgage
Qualified small issue
534
974
496
878
51
97
Qualified student loan
36
4,217
35
3,938
9
279
Qualified redevelopment
4
21
d
d
d
d
417
24,248
340
14,846
172
9,403
1,584
32,112
1,253
19,791
662
12,321
Qualified hospital
Qualified section 501(c)(3) nonhospital
Gulf Opportunity Zone advance refunding
d
d
d
d
d
d
Other purposes [2]
14
55
13
29
4
26
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 add 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 the Form 8038.
NOTE: Detail may not add to totals because of rounding.
265
Tax-Exempt Bonds, 2006
Statistics of Income Bulletin | Fall 2008
Table 8. Computation of Lendable Proceeds for Long-Term Tax-Exempt Private Activity Bonds,
by Selected Bond Purpose, 2006
[Money amounts are in millions of dollars]
Entire issue
price
Selected bond
purpose
Bond issuance
costs
Credit
enhancement
Allocation
to reserve fund
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
Total [1]
3,746
108,581
2,259
727
970
513
626
1,299
Airport
60
5,339
49
41
33
23
17
167
Docks and wharves
25
1,584
24
10
15
5
7
13
Water
13
372
d
d
d
d
d
d
Sewage
24
117
18
1
4
[2]
3
3
Solid waste disposal
114
3,049
85
30
33
9
9
14
Qualified residential rental
574
7,757
119
18
31
5
38
18
Qualified Gulf Opportunity Zone
and Gulf Opportunity Zone mortgage
33
799
25
6
d
d
d
d
Qualified mortgage
301
22,480
72
30
7
[2]
53
127
8
954
d
d
d
d
0
0
534
974
233
13
90
4
8
2
Qualified veterans' mortgage
Qualified small issue
Qualified student loan
36
4,217
27
19
11
2
17
23
Qualified hospital
417
24,248
335
195
152
240
87
356
1,584
32,112
1,286
356
587
219
384
561
94
4,578
26
4
10
3
15
11
Qualified section 501(c)(3) nonhospital
All other bonds, combined [3]
Selected bond
purpose
Proceeds used
to refund
prior issues
Total lendable
proceeds
Nonrefunding
proceeds
Number
Amount
Number
Amount
Number
Amount
(9)
(10)
(11)
(12)
(13)
(14)
Total [1]
3,746
106,042
1,341
44,480
3,094
61,562
Airport
60
5,107
24
2,384
44
2,723
Docks and wharves
25
1,556
16
969
13
587
Water
13
369
7
317
7
52
Sewage
24
112
7
34
18
78
Solid waste disposal
114
2,996
21
488
98
2,509
Qualified residential rental
574
7,716
136
1,718
460
5,997
Qualified Gulf Opportunity Zone
and Gulf Opportunity Zone mortgage
33
791
3
101
31
689
Qualified mortgage
301
22,323
203
12,093
242
10,229
Qualified veterans' mortgage
Qualified small issue
8
953
6
843
4
109
534
955
51
96
496
859
Qualified student loan
36
4,173
9
277
35
3,896
Qualified hospital
417
23,457
172
9,122
350
14,335
1,584
30,975
662
11,947
1,314
19,029
94
4,559
67
4,091
33
469
Qualified section 501(c)(3) nonhospital
All other bonds, combined [3]
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 add 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 the Form 8038, as well as bonds issued
for: 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, new empowerment zone facility bonds, qualified public educational facilities, qualified green building and sustainable design projects, New York Liberty Zone bonds,
qualified redevelopment bonds, and Gulf Opportunity Zone advance refunding bonds.
NOTE: Detail may not add to totals because of rounding.
266
Tax-Exempt Bonds, 2006
Statistics of Income Bulletin | Fall 2008
Table 9. New Money Long-Term Tax-Exempt Private Activity Bonds, by Selected Bond Purpose and
Size of Entire Issue, 2006
[Money amounts are in millions of dollars, except for size of entire issue, which is in whole dollars]
Size of entire issue
All issues
Selected bond purpose
$1,000,000 under
$5,000,000
Under $1,000,000
$5,000,000 under
$10,000,000
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
Total [1]
3,006
63,286
358
111
757
1,995
574
3,756
Airport
42
2,894
d
d
d
d
9
61
Docks and wharves
12
602
0
0
0
0
d
d
Water
7
54
0
0
3
8
0
0
Sewage
18
83
0
0
3
7
5
19
Solid waste disposal
98
2,560
4
1
14
44
17
94
Qualified residential rental
Qualified Gulf Opportunity Zone and
Gulf Opportunity Zone mortgage
458
6,036
6
4
88
275
161
1,139
31
698
0
0
d
d
6
38
Qualified mortgage
230
10,318
d
d
d
d
3
29
3
105
0
0
0
0
0
0
496
878
238
44
212
549
46
285
Qualified veterans' mortgage
Qualified small issue
Qualified student loan
35
3,938
0
0
0
0
0
0
Qualified hospital
340
14,846
10
5
62
180
51
335
1,253
19,791
87
53
350
877
277
1,736
33
484
4
2
11
26
d
d
Qualified section 501(c)(3) nonhospital
All other bonds, combined [2]
Size of entire issue—continued
Selected bond purpose
$10,000,000 under
$25,000,000
$25,000,000 under
$50,000,000
$50,000,000 under
$100,000,000
$100,000,000
or more
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
Total [1]
601
8,100
285
8,106
239
12,729
192
28,488
Airport
3
61
5
173
4
220
10
2,360
Docks and wharves
d
d
4
134
4
290
d
d
Water
d
d
d
d
0
0
0
0
Sewage
5
20
d
d
d
d
d
d
Solid waste disposal
26
362
19
675
11
612
7
772
Qualified residential rental
Qualified Gulf Opportunity Zone and
Gulf Opportunity Zone mortgage
155
2,201
30
1,001
13
729
5
687
12
193
3
65
5
193
d
d
Qualified mortgage
52
700
49
1,212
65
3,043
52
5,329
Qualified veterans' mortgage
0
0
d
d
d
d
0
0
Qualified small issue
0
0
0
0
0
0
0
0
Qualified student loan
d
d
d
d
15
981
16
2,848
Qualified hospital
54
689
48
1,312
52
2,602
63
9,722
Qualified section 501(c)(3) nonhospital
300
3,768
123
3,263
76
3,717
40
6,378
5
57
6
113
4
239
d
d
All other bonds, combined [2]
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 add to the totals.
[2] 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 the Form 8038, as well as bonds
issued for: 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, new empowerment zone facility bonds, qualified public educational facilities, qualified green building and sustainable design projects, New York Liberty
Zone bonds, qualified redevelopment bonds, and Gulf Opportunity Zone advance refunding bonds.
NOTE: Detail may not add to totals because of rounding.
267
Tax-Exempt Bonds, 2006
Statistics of Income Bulletin | Fall 2008
Table 10. New Money Long-Term Tax-Exempt Private Activity Bonds, by State of Issue and Selected
Bond Purpose, 2006
[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 [4]
Footnotes at end of table.
268
Airports, docks,
and wharves [2]
Water, sewage, and solid
waste disposal [2]
Qualified residential
rental
Qualified Gulf Opportunity
Zone and Gulf Opportunity
Zone mortgage
Number
Amount
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
3,006
49
13
28
21
223
88
25
14
18
115
58
d
15
152
74
160
64
47
41
13
53
107
72
146
19
79
15
48
10
29
69
10
188
39
24
100
24
18
173
17
29
21
60
147
17
15
66
76
24
78
8
d
63,286
903
731
574
401
6,031
1,710
911
373
775
2,929
912
d
251
2,034
2,320
577
643
694
833
455
1,833
1,774
1,596
1,190
814
981
442
461
542
419
1,221
235
4,529
2,308
176
3,443
612
292
2,668
430
633
138
1,422
3,867
209
377
1,814
1,852
562
1,661
387
d
54
4
4
d
0
d
5
0
0
d
9
0
d
0
d
d
0
0
d
0
0
d
0
0
d
0
d
0
d
d
0
d
0
7
d
0
d
0
d
0
0
0
0
d
d
0
0
d
d
0
d
0
d
3,496
75
254
d
0
d
58
0
0
d
284
0
d
0
d
d
0
0
d
0
0
d
0
0
d
0
d
0
d
d
0
d
0
260
d
0
d
0
d
0
0
0
0
d
d
0
0
d
d
0
d
0
d
123
d
0
6
d
13
d
d
0
0
6
3
0
4
d
5
d
d
3
4
0
0
4
d
d
0
0
0
d
0
0
d
0
4
d
0
4
0
0
4
0
d
4
d
19
0
0
d
d
3
3
d
0
2,697
d
0
82
d
208
d
d
0
0
240
43
0
38
d
97
d
d
50
82
0
0
73
d
d
0
0
0
d
0
0
d
0
3
d
0
115
0
0
111
0
d
1
d
659
0
0
d
d
119
55
d
0
458
d
0
d
d
120
10
d
0
3
26
12
0
0
20
d
d
d
d
3
d
6
11
6
13
0
32
d
0
d
d
4
d
46
d
0
18
d
3
d
4
6
0
12
39
d
d
6
18
0
d
0
0
6,036
d
0
d
d
1,451
80
d
0
19
267
126
0
0
203
d
d
d
d
63
d
45
272
258
62
0
226
d
0
d
d
130
d
1,307
d
0
161
d
18
d
95
46
0
89
436
d
d
119
243
0
d
0
0
31
10
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
7
0
0
0
0
0
14
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
698
163
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
115
0
0
0
0
0
419
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Tax-Exempt Bonds, 2006
Statistics of Income Bulletin | Fall 2008
Table 10. New Money Long-Term Tax-Exempt Private Activity Bonds, by State of Issue and Selected
Bond Purpose, 2006—Continued
[Money amounts are in millions of dollars]
Selected 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 [4]
Qualified mortgage
Qualified small issue
Qualified hospital
Qualified section 501(c)(3)
nonhospital
All other bonds,
combined [3]
Number
Amount
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
230
4
3
d
0
7
7
3
4
d
16
3
0
6
12
3
5
8
3
7
d
3
d
0
8
d
4
d
11
3
7
0
d
3
4
d
4
9
d
8
4
d
d
3
20
7
3
d
6
3
3
d
0
10,318
281
253
d
0
423
135
268
297
d
522
146
0
195
520
309
183
215
72
105
d
205
d
0
261
d
234
d
352
55
132
0
d
181
130
d
910
149
d
416
120
d
d
172
500
67
131
d
188
136
414
d
0
496
5
0
d
4
d
d
0
0
0
d
6
0
d
49
20
96
29
4
d
3
d
16
24
15
0
22
0
17
d
d
19
0
8
4
4
10
4
d
31
d
6
11
3
0
4
0
3
8
4
21
d
0
878
19
0
d
10
d
d
0
0
0
d
15
0
d
38
67
23
21
16
d
9
d
44
72
23
0
29
0
3
d
d
46
0
34
11
2
37
2
d
70
d
27
4
12
0
12
0
7
27
17
57
d
0
340
6
d
5
8
12
6
8
0
0
10
6
d
0
12
7
9
5
9
4
4
3
14
20
7
d
4
4
d
d
3
10
d
26
10
d
25
d
3
17
d
3
d
9
15
d
d
5
8
4
22
0
0
14,846
186
d
131
72
745
861
373
0
0
926
64
d
0
366
624
90
129
375
46
237
254
224
894
196
d
88
57
d
d
57
484
d
184
1,043
d
1,360
d
146
435
d
119
d
771
1,061
d
d
391
480
273
520
0
0
1,253
20
3
10
6
62
45
11
7
11
37
29
d
d
57
34
36
17
24
11
6
38
59
22
97
0
15
7
15
d
16
28
5
93
16
17
36
7
6
107
5
10
4
29
50
d
6
49
34
10
35
d
d
19,791
126
32
138
37
2,957
464
197
73
187
631
519
d
d
847
484
165
252
61
241
134
1,287
903
250
546
0
194
55
42
d
147
260
44
2,375
309
38
603
118
77
1,368
92
110
19
288
907
d
57
690
813
18
575
d
d
71
d
d
d
d
3
d
d
3
0
d
0
d
0
0
0
8
0
d
d
0
0
d
d
3
d
d
d
0
d
d
4
d
4
d
0
d
d
d
d
d
d
0
0
d
d
d
d
0
0
d
d
0
4,527
d
d
d
d
217
d
d
4
0
d
0
d
0
0
0
60
0
d
d
0
0
d
d
73
d
d
d
0
d
d
267
d
185
d
0
d
d
d
d
d
d
0
0
d
d
d
d
0
0
d
d
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 add 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 Tables 8 and 9.
[3] This category includes all issues for which a specific purpose either did not apply or was not clearly indicated on the Form 8038, as well as bonds issued for: 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, new empowerment zone facility bonds, qualified public
educational facilities, qualified green building and sustainable design projects, New York Liberty Zone bonds, qualified veterans' mortgage bonds, qualified student loan bonds, qualified redevelopment
bonds, and Gulf Opportunity Zone advance refunding bonds.
[4] 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.
269
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