Taxes and tax‐exempt bonds: A literature review
综述了关于州和地方（市政）债券利息收入所得税豁免的学术文献，分析税收豁免对政府借贷成本、融资决策、分配效应及套利行为的影响，并讨论取消豁免或转向税收抵免的可行性。
Abstract This article reviews and synthesizes the academic literature on income tax exemptions for interest income derived from state and local (municipal) bonds. It explores a large body of work that evaluates the impact of federal and state tax exemptions on the borrowing costs of state and local governments. It also considers how the tax exemption influences municipal financing decisions, its distributional impacts, and potential for tax arbitrage schemes. It concludes with a discussion of the viability of eliminating the tax exemption entirely or transitioning the preference to a tax credit mirroring municipal bonds sold under the Build America Bond (BAB) program.