[20170926]IF10739_灾难援助和联邦政府对市政债券的补贴.pdf

https:/crsreports.congress.gov September 26, 2017Disaster Assistance and Federal Subsidies for Municipal BondsThe destruction caused by Hurricanes Harvey, Irma, and Maria to the Gulf Coast and Southeast regions has prompted a discussion of possible ways for federal, state, and local governments to provide assistance to distressed homeowners and businesses. Past discussions have included proposals that would alter the federal subsidies for bonds (debt instruments with a maturity date of more than one year) issued by municipal (state and local) governments. This In Focus describes the current federal subsidies available for municipal bonds, summarizes previous changes to those programs that provided for disaster assistance, and briefly touches on selected policy issues. Current Law Three types of municipal bonds receive federal support under current law: (1) tax-exempt bonds; (2) tax credit bonds (TCBs); and (3) qualified private activity bonds (qualified PABs). Table 1 provides the estimated federal expenditures for each program from FY2016-FY2020. Table 1. Estimated Tax Expenditures for Federal Bond Subsidies, FY2016-FY2020 (In billions of dollars) Subsidy Expenditure Tax-Exempt B