# Tax-Exempt Bonds, 2006

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- **Document type:** Agency decision

## Text

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 . 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.

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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

---

Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/agency%3Airs%3A6591a04c46421e91. Public record. Not legal advice.