63-20 Corporation

A nonprofit public benefit corporation organized under state law that meets the requirements of Internal Revenue Service Revenue Ruling 63-20 to qualify as an Issuer of Tax-Exempt Bonds.

Dive Deeper on Tax Issues

Learn more about how various aspects of tax law intersect with municipal securities.

See Also


A state, political subdivision, agency or authority that borrows money through the sale of bonds or other securities. 

Political Subdivision

A division of any state or local governmental unit which is a municipal corporation or which has been delegated the right to exercise a sufficient part of the sovereign power of the unit.

Shamberg Powers

The powers identified in Commissioner v. Shamberg’s Estate, 144 F.2d 998 (2d Cir. 1944) as the powers used to identify what is a political subdivision of a state or local governmental entity in the United States, specifically, the power of eminent domain, the power to tax, and the police power.

Hudson Yards Rail Yards

Start with the Bond Basics

Hundreds of Terms and Concepts

Standby Bond Purchase Agreement

An agreement, usually between an issuer (or borrower), a trustee, and a commercial bank, used to guarantee repurchase of bonds that are subject to short call provisions if such bonds are tendered for purchase by the bondholders and not simultaneously remarketed to and purchased by new bondholders.