[20211110]IF11969_联邦政府对市政债券市场的支持.pdf

https:/crsreports.congress.gov November 10, 2021Federal Support for the Municipal Bond MarketsIntroduction Municipal bonds are debt securities issued by state, city, county, and other nonfederal government agencies to pay for capital projects, such as highways, airports, sewers, bridges, schools, hospitals, and other public goods for residents. The municipal bond market consists of more than an estimated 1.5 million types of bond issuances from more than an estimated 55,000 issuers. The U.S. market had a total of $3.2 trillion municipal bonds outstanding, at the end of June 2021, roughly 4.3% higher than the amount outstanding at the end of 2019 (the last quarter before the economic recession accompanying the COVID-19 crisis). This In Focus summarizes the federal tax and regulatory treatments of municipal bonds, summarizes recent legislative proposals to modify certain treatments, and discusses possible impacts that current treatments may have on the demand and supply of municipal bonds. Tax Preferences Tax preferences for municipal bonds subsidize state and local government borrowing costs for capital projects. Preferential tax treatment may compensate state and local taxpayers f