Tax-Exempt Bonds 2006[38]

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Tax-Exempt Bonds, 2006 by Cynthia Belmonte and Emily Shammas 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. T 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 The term “State” includes the District of Columbia and any possession of the United States. 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. 2 1 247 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 $311.3 300 250 200 150 100 50 0 2001 2002 All issues 2003 2004 2005 2006 $80.2 $204.8 $124.6 $148.1 $127.6 $154.8 $127.9 $157.7 $275.7 $282.6 $269.5 $159.8 $180.2 $151.6 $111.8 $92.1 $272.2 New money issues Refunding issues Figure A2 Volume of Long-Term Private Activity Bonds Issued, by Type and Issue Year, 2001-2006 Billions of dollars 120 100 80 60 40 $32.7 20 0 2001 $40.8 $91.1 $92.6 $93.1 $82.1 $49.4 $50.2 $54.8 $47.0 $45.6 $47.9 $54.7 $45.2 $45.3 $63.3 $109.5 Long-Term Bond Volume, by Type of Issue 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 $108.6 2002 All issues 2003 2004 2005 2006 New money issues Refunding issues 248 Tax-Exempt Bonds, 2006 Statistics of Income Bulletin | Fall 2008 Figure A3 Average Annual Interest Rates on Tax-Exempt State and Local Bonds, 2001-2006 [1] Interest rate 6.00 5.75 5.50 5.25 5.00 4.75 4.50 4.25 4.00 2001 2002 2003 2004 2005 2006 5.15 5.04 4.75 4.68 4.40 4.40 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. 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 Year [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- 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 60 50 40 $15.6 $9.5 $30.4 $25.2 30 20 $57.2 $46.5 $27.0 $28.9 $6.8 $1.9 $9.8 $5.4 $1.5 $3.4 10 0 Education Other purposes [1] Utilities Transportation Bond purpose Environment Public safety Health and hospital Long-Term Tax-Exempt Private Activity Bonds, by Selected Bond Purpose and Type of Issue, 2006 Billions of dollars 35 30 25 20 15 10 5 0 Qualified section 501(c)(3) nonhospital Qualified hospital Qualified mortgage Qualified residential rental Bond purpose New money issues Refunding issues Airport Qualified student loan $19.8 $14.8 $10.3 $6.0 $2.4 $2.9 $0.3 $3.9 $0.5 $2.6 Solid waste disposal $12.3 $9.4 $12.2 $1.7 [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 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 State of issue Amount (1) Total, all States California Texas New York Florida Illinois Tennessee Pennsylvania Missouri Washington Georgia New Jersey Colorado Virginia Arizona North Carolina 180,167 23,069 19,175 15,017 13,345 7,845 6,404 5,399 4,854 4,486 4,409 4,142 3,916 3,842 3,498 3,477 Amount (2) 57,162 9,698 6,625 3,633 4,208 2,757 283 2,155 1,022 1,585 1,132 1,579 1,365 1,663 1,054 1,568 Education Percentage of State total (3) 31.7 42.0 34.6 24.2 31.5 35.1 4.4 39.9 21.1 35.3 25.7 38.1 34.9 43.3 30.1 45.1 Other purposes [1] Amount (4) 46,480 4,625 2,249 5,619 4,523 1,656 516 1,706 1,024 970 1,355 771 805 1,325 864 918 Percentage of State total (5) 25.8 20.0 11.7 37.4 33.9 21.1 8.1 31.6 21.1 21.6 30.7 18.6 20.6 34.5 24.7 26.4 Transportation Amount (6) 28,912 3,509 4,494 4,726 814 1,842 34 568 1,000 593 960 1,314 711 129 537 83 Percentage of State total (7) 16.0 15.2 23.4 31.5 6.1 23.5 0.5 10.5 20.6 13.2 21.8 31.7 18.2 3.4 15.4 2.4 Utilities Amount (8) 26,980 2,396 4,990 353 2,648 749 5,327 70 1,284 795 35 21 363 193 591 501 Percentage of State total (9) 15.0 10.4 26.0 2.4 19.8 9.5 83.2 1.3 26.5 17.7 0.8 0.5 9.3 5.0 16.9 14.4 Environment Amount (10) 9,849 1,736 216 377 315 567 4 572 167 212 585 234 77 135 315 103 Percentage of State total (11) 5.5 7.5 1.1 2.5 2.4 7.2 0.1 10.6 3.4 4.7 13.3 5.6 2.0 3.5 9.0 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 251 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). 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 State of issue Amount (1) Total, all States California New York Texas Ohio Florida Pennsylvania Indiana North Carolina Illinois Washington Maryland Virginia Massachusetts Colorado Wisconsin 63,286 6,031 4,529 3,867 3,443 2,929 2,668 2,320 2,308 2,034 1,852 1,833 1,814 1,774 1,710 1,661 Qualified section 501(c)(3) nonhospital Percentage of State total (3) 31.3 49.0 52.4 23.5 17.5 21.5 51.3 20.9 13.4 41.6 43.9 70.2 38.0 50.9 27.1 34.6 Qualified hospital Percentage of State total (5) 23.5 12.4 4.1 27.4 39.5 31.6 16.3 26.9 45.2 18.0 25.9 13.9 21.6 12.6 50.4 31.3 Qualified mortgage Percentage of State total (7) 16.3 7.0 4.0 12.9 26.4 17.8 15.6 13.3 5.6 25.6 10.2 11.2 d d 7.9 24.9 Qualified residential rental Percentage of State total (9) 9.5 24.1 28.9 11.3 4.7 9.1 d d d 10.0 13.1 2.5 6.6 15.3 4.7 d Airports, docks, and wharves [2] Percentage of State total (11) 5.5 d 5.7 d d 9.7 0.0 d d d d d d 0.0 3.4 d Amount (2) 19,791 2,957 2,375 907 603 631 1,368 484 309 847 813 1,287 690 903 464 575 Amount (4) 14,846 745 184 1,061 1,360 926 435 624 1,043 366 480 254 391 224 861 520 Amount (6) 10,318 423 181 500 910 522 416 309 130 520 188 205 d d 135 414 Amount (8) 6,036 1,451 1,307 436 161 267 d d d 203 243 45 119 272 80 d Amount (10) 3,496 d 260 d d 284 0 d d d d d d 0 58 d 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 11 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 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 (1) Amount subject to the unified State volume cap [1] (2) 24,023.0 318.8 386.8 268.8 291.5 2,321.2 327.4 339.8 296.5 44.7 1,060.6 329.1 d 243.9 777.0 501.6 301.5 262.2 215.7 430.5 83.5 264.7 646.9 451.5 444.4 356.8 602.9 Amount not subject to the volume cap under a carryforward election [2] (3) 11,098.7 257.9 339.8 d d 649.1 162.3 d 296.5 41.8 606.0 256.0 d 195.0 509.3 d 142.3 215.4 42.8 153.4 77.9 236.9 d 241.6 137.0 299.3 334.6 Total volume cap allocation [3] (4) 26,751.0 364.6 246.6 475.1 246.6 2,890.6 373.2 280.8 246.6 246.6 1,423.2 725.8 246.6 246.6 1,021.1 501.8 246.6 246.6 333.9 361.9 246.6 448.0 511.9 809.7 410.6 246.6 464.0 Total, 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 Footnotes at end of figure. 63,285.9 903.0 730.6 574.4 401.3 6,030.9 1,710.4 910.6 373.4 775.0 2,928.8 911.8 d 250.9 2,033.9 2,319.6 577.3 642.6 694.0 832.6 454.8 1,833.1 1,773.7 1,596.0 1,190.4 814.2 980.6 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 (1) Amount subject to the unified State volume cap [1] (2) 330.0 407.4 125.4 214.5 458.8 189.7 1,525.2 655.7 123.2 1,472.7 290.4 25.1 859.5 319.7 403.4 82.9 338.3 1,787.6 191.6 311.8 629.1 472.0 272.3 539.8 386.3 d Amount not subject to the volume cap under a carryforward election [2] (3) 270.1 349.8 110.8 51.8 94.7 d 706.9 382.7 d d 65.7 21.4 521.9 216.5 82.9 d 171.6 414.1 66.3 d 524.2 81.7 251.2 420.3 230.8 d Total volume cap allocation [3] (4) 246.6 246.6 246.6 246.6 697.4 246.6 1,540.4 694.7 246.6 917.1 283.8 291.3 994.4 246.6 340.4 246.6 477.0 1,828.8 246.6 246.6 605.4 503.0 246.6 442.9 246.6 313.0 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] 442.4 461.4 541.6 419.4 1,221.1 235.4 4,529.4 2,307.8 175.8 3,443.2 612.3 291.8 2,667.5 430.4 633.0 138.1 1,422.4 3,867.1 209.4 377.4 1,814.1 1,852.2 562.4 1,661.1 387.0 d 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 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 256 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. 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.”) 258 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] Short-term Long-term New money issues, total Short-term Long-term Refunding issues, total Short-term Long-term Number 25,226 6,671 18,555 20,880 5,064 15,816 6,412 2,248 4,164 Amount 319,394 47,160 272,234 218,318 38,150 180,167 101,076 9,009 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] Bond purpose (1) Total [1] Education Health and hospital Transportation Public safety Environment Housing Utilities Bond and tax/revenue anticipation notes Other purposes [2] All issues Number Amount (2) 272,234 87,605 4,899 38,379 7,261 16,696 930 42,546 2,204 71,713 New money issues Number (3) 15,816 4,979 403 1,062 2,291 1,062 116 1,655 297 4,931 Amount (4) 180,167 57,162 3,381 28,912 5,390 9,849 444 26,980 1,570 46,480 Refunding issues Number (5) 4,164 1,526 80 282 203 447 38 747 45 1,319 Amount (6) 92,067 30,443 1,518 9,467 1,872 6,847 487 15,567 634 25,233 18,555 6,109 445 1,221 2,399 1,296 143 2,109 319 5,690 [1] A given bond issue can include more than one purpose and can include both new money and refunding proceeds. Thus, the summation of number of issues by purpose or by type of issue will sometimes exceed the total number of issues. However, the money amounts add to the totals. [2] "Other purposes" refer to obligations for which a specific purpose either did not apply or was not clearly indicated on the Form 8038-G. NOTE: Detail may not add to totals because of rounding. 259 Tax-Exempt Bonds, 2006 Statistics of Income Bulletin | Fall 2008 Table 3. Computation of Lendable Proceeds for Long-Term Governmental Bonds, by Bond Purpose, 2006 [Money amounts are in millions of dollars] Bond purpose Entire issue price Bond issuance costs Credit enhancement Allocation to reserve fund Number (1) Total [1] Education Health and hospital Transportation Public safety Environment Housing Utilities Bond and tax/revenue anticipation notes Other purposes [3] 18,555 6,109 445 1,221 2,399 1,296 143 2,109 319 5,690 Amount (2) 272,234 87,605 4,899 38,379 7,261 16,696 930 42,546 2,204 71,713 Number (3) 11,217 3,880 235 814 719 885 93 1,741 245 3,675 Amount (4) 2,454 771 56 257 73 134 11 407 10 736 Number (5) 4,700 2,010 90 309 294 344 18 782 4 1,371 Amount (6) 847 188 32 121 21 44 2 150 [2] 288 Number (7) 1,507 317 43 97 59 140 32 306 3 554 Amount (8) 2,838 385 100 399 73 198 10 685 1 989 Bond purpose Total lendable proceeds Proceeds used to refund prior issues Nonrefunding proceeds Number (9) Total [1] Education Health and hospital Transportation Public safety Environment Housing Utilities Bond and tax/revenue anticipation notes Other purposes [3] 18,555 6,109 445 1,221 2,399 1,296 143 2,109 319 5,690 Amount (10) 266,095 86,261 4,710 37,602 7,095 16,320 907 41,304 2,194 69,701 Number (11) 4,164 1,526 80 282 203 447 38 747 45 1,319 Amount (12) 90,333 30,013 1,453 9,291 1,839 6,732 478 15,291 633 24,602 Number (13) 15,816 4,979 403 1,062 2,291 1,062 116 1,655 297 4,931 Amount (14) 175,762 56,248 3,257 28,311 5,256 9,588 429 26,013 1,561 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 Bond purpose All issues Under $500,000 [1] Number (3) 5,972 1,733 94 357 1,415 284 19 340 50 1,739 Amount (4) 1,409 413 26 78 326 65 6 82 14 400 $500,000 under $1,000,000 Number (5) 1,881 543 52 117 266 133 22 198 40 571 Amount (6) 1,283 375 34 71 180 76 15 126 27 379 $1,000,000 under $5,000,000 Number (7) 3,753 1,045 105 269 324 314 42 568 151 1,226 Amount (8) 8,701 2,442 229 488 619 572 99 1,216 344 2,693 Number (1) Total [2] Education Health and hospital Transportation Public safety Environment Housing Utilities Bond and tax/revenue anticipation notes Other purposes [3] 15,816 4,979 403 1,062 2,291 1,062 116 1,655 297 4,931 Amount (2) 180,167 57,162 3,381 28,912 5,390 9,849 444 26,980 1,570 46,480 Size of entire issue—continued Bond purpose $5,000,000 under $10,000,000 Number (9) Total [2] Education Health and hospital Transportation Public safety Environment Housing Utilities Bond and tax/revenue anticipation notes Other purposes [3] 1,546 526 53 90 120 127 13 259 32 518 Amount (10) 10,265 3,536 345 363 626 592 70 1,430 210 3,093 $10,000,000 under $25,000,000 Number (11) 1,276 537 45 85 78 92 9 114 12 455 Amount (12) 18,367 7,725 623 835 752 977 116 1,396 162 5,781 $25,000,000 under $75,000,000 Number (13) 880 401 31 58 55 58 6 91 9 286 Amount (14) 32,887 15,222 919 1,691 1,302 1,397 98 2,929 328 9,002 $75,000,000 or more Number (15) 508 194 23 86 33 54 5 85 3 136 Amount (16) 107,255 27,449 1,206 25,386 1,585 6,170 39 19,801 486 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 State of issue Total [1] Number (1) 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. Education Number (3) 4,979 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 Amount (4) 57,162 400 160 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 Health and hospital Number (5) 403 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 Amount (6) 3,381 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 Transportation Number (7) 1,062 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 Amount (8) 28,912 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 Public safety Number (9) 2,291 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 Amount (10) 5,390 101 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 Amount (2) 180,167 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 15,816 328 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 14 262 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 Environment Number (11) 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] 1,062 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 Amount (12) 9,849 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 Housing Number (13) 116 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 Amount (14) 444 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 Utilities Number (15) 1,655 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 Amount (16) 26,980 402 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 Bond and tax/revenue anticipation notes Number (17) 297 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 Amount (18) 1,570 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 Other purposes [3] Number (19) 4,931 160 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 Amount (20) 46,480 709 443 864 145 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] Short-term Long-term New money issues, total Short-term Long-term Refunding issues, total Short-term Long-term Number 3,804 58 3,746 3,048 42 3,006 1,361 20 1,341 Amount 108,941 360 108,581 63,467 181 63,286 45,474 179 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] Bond purpose (1) Total [1] Airport Docks and wharves Water Sewage Solid waste disposal Qualified residential rental Local electricity or gas furnishing facilities Local district heating or cooling facilities Qualified hazardous waste facilities Tax Reform Act of 1986 transition property Qualified new empowerment zone Qualified public educational facilities Qualified green building and sustainable design Qualified Gulf Opportunity Zone Qualified New York Liberty Zone Qualified mortgage Qualified Gulf Opportunity Zone mortgage Qualified veterans' mortgage Qualified small issue Qualified student loan Qualified redevelopment Qualified hospital Qualified section 501(c)(3) nonhospital Gulf Opportunity Zone advance refunding Other purposes [2] All issues Number Amount (2) 3,746 60 25 13 24 114 574 7 3 d 54 d d d 27 6 301 6 8 534 36 4 417 1,584 d 14 108,581 5,339 1,584 372 117 3,049 7,757 383 20 d 3,405 d d d 624 548 22,480 175 954 974 4,217 21 24,248 32,112 d 55 New money issues Number (3) 3,006 42 12 7 18 98 458 4 3 d 3 d d d d 3 230 d 3 496 35 d 340 1,253 d 13 Amount (4) 63,286 2,894 602 54 83 2,560 6,036 128 20 d 16 d d d d 183 10,318 d 105 878 3,938 d 14,846 19,791 d 29 Refunding issues Number (5) 1,341 24 16 7 7 21 136 3 0 d 53 d d d d 3 203 d 6 51 9 d 172 662 d 4 Amount (6) 45,295 2,445 982 318 34 490 1,721 254 0 d 3,389 d d d d 365 12,162 d 849 97 279 d 9,403 12,321 d 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] Selected bond purpose Entire issue price Bond issuance costs Credit enhancement Allocation to reserve fund Number (1) Amount (2) 108,581 5,339 1,584 372 117 3,049 7,757 Number (3) 2,259 49 24 d 18 85 119 Amount (4) 727 41 10 d 1 30 18 Number (5) 970 33 15 d 4 33 31 Amount (6) 513 23 5 d [2] 9 5 Number (7) 626 17 7 d 3 9 38 Amount (8) 1,299 167 13 d 3 14 18 Total [1] Airport Docks and wharves Water Sewage Solid waste disposal Qualified residential rental Qualified Gulf Opportunity Zone and Gulf Opportunity Zone mortgage Qualified mortgage Qualified veterans' mortgage Qualified small issue Qualified student loan Qualified hospital Qualified section 501(c)(3) nonhospital All other bonds, combined [3] 3,746 60 25 13 24 114 574 33 301 8 534 36 417 1,584 94 799 22,480 954 974 4,217 24,248 32,112 4,578 25 72 d 233 27 335 1,286 26 6 30 d 13 19 195 356 4 d 7 d 90 11 152 587 10 Proceeds used to refund prior issues Number (11) 1,341 24 16 7 7 21 136 Amount (12) d [2] d 4 2 240 219 3 d 53 0 8 17 87 384 15 d 127 0 2 23 356 561 11 Selected bond purpose Total lendable proceeds Nonrefunding proceeds Number (9) Amount (10) 106,042 5,107 1,556 369 112 2,996 7,716 Number (13) 3,094 44 13 7 18 98 460 Amount (14) 61,562 2,723 587 52 78 2,509 5,997 Total [1] Airport Docks and wharves Water Sewage Solid waste disposal Qualified residential rental Qualified Gulf Opportunity Zone and Gulf Opportunity Zone mortgage Qualified mortgage Qualified veterans' mortgage Qualified small issue Qualified student loan Qualified hospital Qualified section 501(c)(3) nonhospital All other bonds, combined [3] 3,746 60 25 13 24 114 574 44,480 2,384 969 317 34 488 1,718 33 301 8 534 36 417 1,584 94 791 22,323 953 955 4,173 23,457 30,975 4,559 3 203 6 51 9 172 662 67 101 12,093 843 96 277 9,122 11,947 4,091 31 242 4 496 35 350 1,314 33 689 10,229 109 859 3,896 14,335 19,029 469 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 Selected bond purpose All issues Under $1,000,000 Number (3) 358 d 0 0 0 4 6 0 d 0 238 0 10 87 4 Amount (4) 111 d 0 0 0 1 4 0 d 0 44 0 5 53 2 $1,000,000 under $5,000,000 Number (5) 757 d 0 3 3 14 88 d d 0 212 0 62 350 11 Amount (6) 1,995 d 0 8 7 44 275 d d 0 549 0 180 877 26 $5,000,000 under $10,000,000 Number (7) 574 9 d 0 5 17 161 6 3 0 46 0 51 277 d Amount (8) 3,756 61 d 0 19 94 1,139 38 29 0 285 0 335 1,736 d Number (1) Total [1] Airport Docks and wharves Water Sewage Solid waste disposal Qualified residential rental Qualified Gulf Opportunity Zone and Gulf Opportunity Zone mortgage Qualified mortgage Qualified veterans' mortgage Qualified small issue Qualified student loan Qualified hospital Qualified section 501(c)(3) nonhospital All other bonds, combined [2] 3,006 42 12 7 18 98 458 31 230 3 496 35 340 1,253 33 Amount (2) 63,286 2,894 602 54 83 2,560 6,036 698 10,318 105 878 3,938 14,846 19,791 484 Size of entire issue—continued Selected bond purpose $10,000,000 under $25,000,000 Number (9) Total [1] Airport Docks and wharves Water Sewage Solid waste disposal Qualified residential rental Qualified Gulf Opportunity Zone and Gulf Opportunity Zone mortgage Qualified mortgage Qualified veterans' mortgage Qualified small issue Qualified student loan Qualified hospital Qualified section 501(c)(3) nonhospital All other bonds, combined [2] 601 3 d d 5 26 155 12 52 0 0 d 54 300 5 Amount (10) 8,100 61 d d 20 362 2,201 193 700 0 0 d 689 3,768 57 $25,000,000 under $50,000,000 Number (11) 285 5 4 d d 19 30 3 49 d 0 d 48 123 6 Amount (12) 8,106 173 134 d d 675 1,001 65 1,212 d 0 d 1,312 3,263 113 $50,000,000 under $100,000,000 Number (13) 239 4 4 0 d 11 13 5 65 d 0 15 52 76 4 Amount (14) 12,729 220 290 0 d 612 729 193 3,043 d 0 981 2,602 3,717 239 $100,000,000 or more Number (15) 192 10 d 0 d 7 5 d 52 0 0 16 63 40 d Amount (16) 28,488 2,360 d 0 d 772 687 d 5,329 0 0 2,848 9,722 6,378 d 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 State of issue Total [1] Airports, docks, and wharves [2] Number (3) 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 Amount (4) 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 Water, sewage, and solid waste disposal [2] Number (5) 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 Amount (6) 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 Qualified residential rental Number (7) 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 Amount (8) 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 Qualified Gulf Opportunity Zone and Gulf Opportunity Zone mortgage Number (9) 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 Amount (10) 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 Number (1) 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. Amount (2) 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 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 268 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 Qualified mortgage Number (11) 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] 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 Amount (12) 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 Qualified small issue Number (13) 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 Amount (14) 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 Qualified hospital Number (15) 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 Amount (16) 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 Qualified section 501(c)(3) nonhospital Number (17) 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 Amount (18) 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 All other bonds, combined [3] Number (19) 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 Amount (20) 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