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Industrial Development Bonds: Achievement of Public Benefits Is Unclear

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Report Type Reports and Testimonies
Report Date April 22, 1993
Report No. RCED-93-106
Subject
Summary:

The federal government gave up more than $2 billion in revenue in 1991 because of the tax-exempt status of small issue industrial development bonds. The bonds, issued by state and local governments, fund the creation and expansion of manufacturing facilities. Because of the public benefits associated with these bonds, interest earned by investors from them is exempt from federal tax. GAO found that although these bonds are being used for their intended purpose--financing manufacturing facilities--additional benefits being claimed, such as creating jobs, assisting economically depressed areas, and fostering start-up companies, are hard to substantiate. Concerns that the bonds are subject to high default rates or are paid off early, thus removing restrictions requiring the project to remain in manufacturing, were not substantiated by GAO's work.

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