Tax
Compulsory charges levied by a governmental unit for the purpose of raising revenue.
bond-basics
Taxable Bond
A Bond, the Interest on which is not excludable from gross income for federal income tax purposes.
See Also
Tax Credit Bond
A taxable bond that provides a tax credit to the holder in lieu of tax-exempt interest.
Direct Pay Bond
A taxable bond that offers a federal Interest subsidy to the Issuer in lieu of the interest being excludable from federal income tax.
In Contrast To
Tax-Exempt Bonds
A bond, the interest on which is excludable from gross income for federal income tax purposes.
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Issuer’s Counsel
An attorney or firm of attorneys engaged to represent the Issuer to ensure proceedings have been conducted legally and that the issuer has the authority to execute the documents to which it is a party.