[20010719]RS20932_《2001年经济增长和税收减免调节法》中的免税债券条款.pdf

1 A more expansive review of the major components of the legislation is available in CRS ReportRL30973 Tax Cuts: A Side-by-Side Comparison of the Presidents Proposal and the House,Senate, and Conference Bills.Congressional Research Service ? The Library of CongressCRS Report for CongressReceived through the CRS WebOrder Code RS20932Updated July 19, 2001Tax-Exempt Bond Provisions in the“Economic Growth and Tax ReliefReconciliation Act of 2001”Steve MaguireEconomic AnalystGovernment and Finance DivisionSummaryThis short report describes and analyzes three provisions included in P.L. 107-16.Two of the three provisions will likely induce more tax-exempt bond financing for publicschool capital investment through loosening arbitrage bond rules for some issuers andexpanding the list of otherwise private facilities that are still eligible for tax-exemptfinancing. Specifically, Section 421 of P.L. 107-16 modifies rules on arbitrage rebatebonds and Sec. 422 expands the definition of private activity bonds. The third provision,lower marginal tax rates (Section 101), will decrease the demand for tax-exempt bonds.The total effect of P.L. 107-16 on the tax-exempt bond market may be generally hig