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Like the House proposal, the bill proposed by the Senate preserves the 9 percent credit and 4 percent credit, but unlike the House version, the Senate bill retains tax-exempt multifamily private activity bonds.
Long-term private activity bond issuances increased 20.
would remove issuances of private activity bonds for water and wastewater projects from the annual state volume caps, allowing local communities to leverage private capital markets in combination with other financial mechanisms to finance water and wastewater infrastructure projects.
If a bond issuance passes both of these subparts, it will be considered a private activity bond.
Except in 2009 and 2010 (see below), tax-exempt interest on private activity bonds other than qualified 501(c)(3) bonds is a tax preference item for both the individual and corporate alternative minimum tax (see Q 1440).
Without With AMT Bonds AMT Bonds Taxable Income $83,100 $83,100 Standard Deduction 10,300 10,300 Personal Exemptions 6,600 6,600 Private Activity Bond Int.
Specifically, Code Section 145(a) provides that you will not create a private activity bond if at least 95 percent of the net proceeds are spent for activities which are not part of an unrelated trade or business.
However, the court noted that there is no requirement that the qualified private activity bond finance a typical governmental function, such as highway construction or police protection.
2 percent of all long-term private activity bond proceeds (Figure C).
This report (1) describes recent trends in tax exempt bonds, (2) provides information on the types of facilities financed with tax-exempt bonds, and (3) discusses borrowing costs considering the methods of selling bonds and compares issuance costs paid from bond proceeds for governmental and qualified private activity bonds.
Private Activity Bond Tests, by Sharon Stanton White (Thompson/ West, 2004), is a reference binder/ looseleaf that provides answers on private activity limits on the use of tax-exempt bond finance facilities.