Selected terms and concepts appearing in SOI's Tax Exempt Bonds Study articles and tables are defined below. Please visit the Tax-Exempt Bonds Statistics to access the annual data tables and articles. Note: The IRC materials retrieved via links found below are provided as a public service by The Legal Information Institute of Cornell University Law School therefore users will be directed out of the IRS site. Jump to: A | B | C | D | E | G | H | L | M | N | P | Q | R | S | T A American Recovery and Reinvestment Act of 2009 (ARRA) An act of the 111th Congress passed on February 17, 2009 in response to the economic crisis. The passage of ARRA added to the Internal Revenue Code (IRC) sections 54AA and 1400U-1 through 1400U-3, authorizing State and local governments to issue two general types of build America bonds as well as recovery zone economic development bonds. See Recovery.gov for additional information. (Back to top) B Bond anticipation note ("BAN") A type of short-term Governmental bond issue, the proceeds of which are generally used to pay the 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. Source: Form 8038-G, Part II, Line 19 checkbox. Build America bond ("BAB") The American Recovery and Reinvestment Act (ARRA) added IRC section 54AA to enable State and local governments to issue bonds for authorized purposes to promote economic recovery and job creation. These new types of bonds would be issued as taxable governmental bonds with federal subsidies to help offset a portion of issuers’ borrowing costs. The two distinct types of build America bonds—build America bond tax credit and build America bond direct payment subsidy—vary by the structure of federal subsidy. Issuers of build America bonds were required to file IRS Form 8038-B, Information Return for Build America Bonds and Recovery Zone Economic Development Bonds, to report such issues. (Prior to February 2010, issuers were required to file IRS Form 8038-G, Information Return for Tax-Exempt Governmental Obligations.) For additional information, see Internal Revenue Notice 2010-35 PDF. Build America (tax credit) bond - This type of BAB provides a tax credit to investors in an amount equal to 35 percent of the total coupon interest payable by the issuer of the taxable government bonds. Build America (direct payment) bond - This type of BAB provides a refundable credit payment to state or local governmental issuers in an amount equal to 35 percent of the total coupon interest payable to investors. (Back to top) C Clean renewable energy bond ("CREB") A type of tax credit bond used to finance eligible clean renewable energy projects which are subject to a national volume cap. Issuers of clean renewable energy bonds under IRC Section 54C must be eligible to apply for volume cap allocations. Clean renewable energy bonds were first authorized under the Energy Tax Incentive Act of 2005. For additional information, see Internal Revenue Notice 2010-35 PDF. Source: Form 8038-TC. 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. (Back to top) D D.C. Enterprise Zone facility bond A type of tax-exempt private activity bond issue, the proceeds of which are used to finance projects located in the "District of Columbia Enterprise Zone", a designated area consisting of certain economically depressed census tracts within the District of Columbia. Qualified enterprise zone facility bonds are generally subject to the same rules as exempt facility bonds. This issue type was authorized by legislation included in The Taxpayer Relief Act of 1997. Source: Form 8038, Part II, Line 11k. Direct payment bonds A type of bond for which the issuer receives a direct subsidy from the Federal Government equal to a percentage of their interest payment. The American Recovery and Reinvestment Act of 2009 (ARRA) allowed issuers of Build America Bonds and Recovery Zone Economic Development Bonds to request subsidy payments of 35 percent and 45 percent of their borrowing costs, respectively. See Internal Revenue Notice 2009-26 PDF for additional information. (Back to top) E Enterprise Zone facility bond A type of tax-exempt private activity bond issue, the proceeds of which may be used by 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. Qualified enterprise zone facility bonds are generally subject to the same rules as exempt facility bonds. This issue type was authorized by legislation included in the Revenue Reconciliation Act of 1993. Source: Form 8038, Part II, Line 11i. Exempt facility bond A category of tax-exempt private activity 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 (15) 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, hydroelectric generating facilities, qualified public educational facilities, qualified green building and sustainable design projects, and qualified highway or surface freight transfer facilities. Sources: Form 8038, Part II, Line 11a through q. (Back to top) G 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. Issuers are required to file IRS Form 8038-G (Information Return for Tax-Exempt Governmental Obligations) to report such issues. Gulf Opportunity Zone advance refunding bond Authorized by the Gulf Opportunity Zone Act of 2005, this type of bond allows for an additional advance refunding of certain bonds previously issued by designated localities in the States of Alabama, Louisiana, or Mississippi, 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 PDF and Internal Revenue Bulletin 2006-18 PDF, for additional information.) Source: Form 8038, Part II, Line 20a. 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 PDF and Internal Revenue Bulletin 2006-18 PDF, for additional information.) Updates have been made to IRS Notice 2006-41 regarding the determinations of qualified projects, designations of areas with greatest needs, and reimbursement expenditure rules. (See Internal Revenue Service Notice 2010-10 PDF and Internal Revenue Bulletin 2010-3 PDF for additional information.) Source: Form 8038, Part II, Line 11o. Gulf Opportunity Zone mortgage bond Authorized by the Gulf Opportunity Zone Act of 2005, this type of bond is one that meets the general requirements of a qualified mortgage bond issue, and the proceeds of which are used to finance residences located in the Gulf Opportunity Zone, as described in IRC section 1400N(a)(2)(A)(ii). This provision was effective for bonds issued between December 21, 2005, and January 1, 2011. (See Internal Revenue Service Notice 2006-41 PDF and Internal Revenue Bulletin 2006-18 PDF for additional information.) Source: Form 8038, Part II, Line 12b. (Back to top) H HIRE Act (The) The Hiring Incentives to Restore Employment Act of 2010 (HIRE Act), enacted on March 18, 2010, provides an option for issuers of certain qualified tax credit bonds (“specified tax credit bonds”) to irrevocably elect to issue the bonds with a direct pay subsidy, in the same manner as the build America bonds direct pay subsidy. The issuer of these bonds will receive an interest payment subsidy from the Federal government. Bondholders will receive a taxable interest payment from the issuer instead of a tax credit. For additional information please see Internal Revenue Notice 2010-35 PDF. (Back to top) L Long-term issue Any bond issue having a maturity of 13 months or more. (Back to top) M Midwestern tax credit bond A type of tax credit bond whose issuers are located in specific counties in Arkansas, Illinois, Indiana, Iowa, Missouri, Nebraska, and Wisconsin that were adversely affected by severe storms, tornadoes, or flooding (collectively referred to as “the Midwestern disaster area”). Midwestern tax credit bonds were only authorized for issuance during calendar year 2009. See Internal Revenue Notice 2008-109 PDF for additional information. Source: Form 8038-TC. (Back to top) N New clean renewable energy bonds Any bond issued as part of an issue if: (1) 100 percent of the available project proceeds of such issue are to be used for capital expenditures incurred by governmental bodies, public power providers, or cooperative electric companies for one or more qualified renewable energy facilities; (2) the bond is issued by a qualified issuer; and (3) the issuer designates such bond for purposes of IRC section 54C. Issuers of new clean renewable energy bonds receive 70 percent of the interest paid to the borrower if the interest were determined at the tax credit bond rate determined under section 54A(b)(3) for qualified tax credit bonds. For more information on new clean renewable energy bonds, see IRC section 54C and Internal Revenue Notice 2009-33 PDF. Source: Form 8038-TC. New York Liberty Zone bonds (also referred to as "Liberty 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 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. (See Internal Revenue Notice 2002-42 PDF for additional information.) Source: Form 8038, Part II, Line 11p. Nongovernmental output property bond A type of tax-exempt private activity bond issue, the proceeds of which are 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). Source: Form 8038, Part II, Line 19. Nonrefunding proceeds (also referred to as "new money proceeds") The proceeds of a bond issue that are used to finance project costs. Sources: Form 8038-G or Form 8038, Part IV, Line 30. (Back to top) P Pooled financing An arrangement whereby a portion of the proceeds of a Governmental bond issue is used to make loans to other governmental units. Source: Form 8038-G, Part VI, Line 37. 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. Issuers are required to file IRS Form 8038, Information Return for Tax-Exempt Private Activity Bond, to report such issues. Proceeds used to refund prior issues (also referred to as "refunding proceeds") Proceeds of a bond issue that are used to retire outstanding debt of prior bond issues. Refundings are identified as "current" or "advanced", depending on the time between the issuance of the new ("refunding") bonds and the maturity date (or specified call date) of the outstanding ("refunded") bond issue. Sources: Forms 8038-G or Form 8038, Part IV, sum of line 27 (current refunding) and 28 (advance refunding). (Back to top) Q Qualified energy conservation bond Any bond issued as part of an issue if: (1) 100 percent of the available project proceeds of such issue are to be used for one or more qualified conservation purposes; (2) the bond is issued by a State or local government; and (3) the issuer designates such bond for purposes of IRC section 54D. Issuers of qualified energy conservation bonds receive 70 percent of the interest paid to the borrower if the interest were determined at the tax credit bond rate determined under IRC section 54A(b)(3) for qualified tax credit bonds. For more information on qualified energy conservation bonds, see IRC section 54D and Internal Revenue Notice 2009-29 PDF. Source: Form 8038-TC. Qualified green building and sustainable design project A type of tax-exempt private activity 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 2006-41 PDF and Internal Revenue Bulletin 2006-18 PDF, for additional information.) Source: Form 8038, Part II, Line 11m. Qualified highway or surface transfer freight facility bond A type of tax-exempt private activity 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 2006-45 PDF, Internal Revenue Bulletin 2006-20, for additional information.) Source: Form 8038, Part II, Line 11n. Qualified hospital bond A type of qualified section 501(c)(3) bond issue, of which 95 percent or more of the net proceeds are to be used to finance a hospital. Source: Form 8038, Part II, Line 17. Qualified mortgage bond A type of tax-exempt private activity 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 owner-occupied residences, as well as to finance qualified home-improvement loans. Source: Form 8038, Part II, Line 12a. Qualified public educational facility bond A type of tax-exempt private activity 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 public-private 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, 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. Source: Form 8038, Part II, Line 11l. Qualified redevelopment bond A type of tax-exempt private activity 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). Source: Form 8038, Part II, Line 16. Qualified residential rental bond A type of tax-exempt private activity bond issue, of which 95 percent or more of the net proceeds is issued to provide qualified residential rental projects, defined by IRC 142(d)(1). In general, a portion of the occupants must have a gross median income below a percentage of the area gross median income depending upon area population. For more information see Revenue Procedure 2004-39 PDF for more information. In 2013 certain requirements under IRC section 142(d) were suspended in response to tornados is Oklahoma and Hurricane Sandy. For more information see Notice 2013-9 PDF and Notice 2013-39 for additional information, respectively. Qualified School Construction Bond (QSCB) A type of tax credit bond, of which 100 percent of the bond proceeds are to be used for construction, rehabilitation, repair, or land acquisition in connection with a public school facility, which is issued by a State or local government within the jurisdiction of where the school is located. QSCBs are subject to a national volume cap to be allocated by the Treasury among the states. The American Recovery and Reinvestment Act of 2009 (ARRA) created IRC section 54F authorizing QSCBs. See Internal Revenue Notice 2010-17 PDF for additional information. Source: Form 8038-TC. Qualified Section 501(c)(3) bond A type of tax-exempt private activity bond issue, the proceeds of which are used to finance property owned by a charitable organization tax-exempt under IRC section 501(c)(3). A section 501(c)(3) bond must meet the following conditions: 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. Source: Form 8038, Part II, Line 18. Qualified small issue bond A type of tax-exempt private activity bond issue, generally not exceeding $1 million, 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. Source: Form 8038, Part II, Line 14. Qualified student loan bond A type of tax-exempt private activity 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). Source: Form 8038, Part II, Line 15. Qualified veterans’ mortgage bond A type of tax-exempt private activity 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. Source: Form 8038, Part II, Line 13. Qualified Zone Academy Bond (QZAB) A type of tax credit bond issued by a State or local government to finance certain eligible public school purposes authorized under IRC section 54E. QZABs are subject to a national volume cap to be allocated by the Treasury among the states. The American Recovery and Reinvestment Act of 2009 (ARRA) amended IRC section 54E(c)(1), increasing the national volume cap allocation for QZABs from $400 million to $1.4 billion for each of calendar years 2009 and 2010. However, the volume cap was then reduced back to $400 million for 2011, 2012, and 2013. See Internal Revenue Notice 2013-3 PDF for additional information. Source: Form 8038-TC. (Back to top) R Recovery zone bond The American Recovery and Reinvestment Act (ARRA) added IRC Sections 1400U-1 through 1400U-3 authorizing State and local governments to issue Recovery Zone Bonds. These bonds provide tax incentives through lower borrowing costs and are intended to promote job creation and economic recovery in targeted areas particularly affected by employment declines. See Internal Revenue Notice 2009-50 PDF for additional information. Recovery zone economic development bond - Authorized under IRC section 1400U-2, this type of bond provides for a deeper Federal subsidy through a refundable credit payment to state or local governmental issuers in an amount equal to 45 percent of the total coupon interest payable to investors. A Recovery zone economic development bond must be a build America bond, the proceeds of which must be used for one or more qualified economic development purposes. Recovery zone economic development bonds are allocated under a $10 billion national bond volume cap. Issuers are required to file IRS Form 8038-B, Information Return for Build America Bonds and Recovery Zone Economic Development Bonds, to report such issues. (Prior to February 2010, issuers were required to file IRS Form 8038-G, Information Return for Tax-Exempt Governmental Obligations.) Recovery zone exempt facility bond - Authorized under IRC section 1400U-3, which expanded the definition of the term “exempt facility bond” to include any Recovery Zone Facility bond. A Recovery Zone exempt facility bond must be a qualified private activity bond under IRC Section 142, the proceeds of which may be used to finance certain “recovery zone property”. Recovery zone exempt facility bonds are allocated under a $15 billion national bond volume cap. Source: Form 8038, Part II, Line 11q. Revenue anticipation note ("RAN") A type of short-term Governmental bond issue that generally matures within one year of issuance, at which time the proceeds are paid from specific revenue sources. Source: Form 8038-G, Part II, Line 19 checkbox. (Back to top) S Short-term issue Any bond issue having a maturity of less than 13 months. Specified tax credit bonds New clean renewable energy bonds, qualified energy conservation bonds, qualified zone academy bonds and qualified school construction bonds are specified tax credit bonds for purposes of IRC section 6431(f). As a result of legislation in the HIRE Act, issuers of these bonds can elect to receive the tax credit in the form of a direct payment subsidy instead of the bondholder (investor) receiving the tax credits. Issuers are required to file IRS Form 8038-TC, Information Return for Tax Credit Bonds and Specified Tax Credit Bonds, to report such issues. (Back to top) T Tax anticipation note ("TAN") A type of short-term Governmental bond issue that generally matures within one year of issuance, at which time the proceeds are paid from specific tax receipts. Source: Form 8038-G, Part II, Line 19 checkbox. Tax credit bond Tax credit bonds are not interest-bearing obligations. The holder of a tax credit bond is generally allowed an annual federal income tax credit while the bond is outstanding. The amount of the credit is equal to the face amount of the bond multiplied by the credit rate of the bond. For additional information, see Internal Revenue Notice 2009-15 PDF. Changes to regulations have been made regarding stripping transactions for qualified tax credit bonds and certain income tax accounting matters associated with holding and stripping of these bonds. See Internal Revenue Notice 2010-28 PDF for additional information. Source: Form 8038-TC. Tax Reform Act transition property bond A type of tax-exempt private activity 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. For Statistics of Income statistical processing, proceeds from bonds issued under the transitional rules are included in this category only if they could not be identified as another issue type. Total lendable proceeds Proceeds of a bond issue that are remaining after bond issuance costs, credit enhancements costs, and reserve amounts are deducted. Tribal economic development bonds A type of governmental issue bond that gives Indian tribal governments the ability to use tax-exempt bonds to finance economic development projects more freely than is allowed under the standards of section 7871(c). Tribal economic development bonds are allocated under a $2 billion national bond volume cap. For additional information, see Internal Revenue Notice 2009-51 DOC. As of FY 2012 there remained an amount available from the $2 Billion volume cap. Guidance for the allocation of remaining funds can be found in the Internal Revenue Notice 2012-48 PDF. Please visit the Tax-Exempt Bonds Statistics to access the annual data tables and articles. (Back to top)
