“To inform the Congress in its deliberations about federal infrastructure policy, this study assesses the role of tax preferences in infrastructure investment in the United States. It discusses the types of tax preferences for state and local bonds, reports the amount of such debt that has been issued for infrastructure projects undertaken by the public and private sectors, and estimates the importance of that debt financing to infrastructure investment. It also considers how the current system of tax preferenceswhich historically has relied primarily on tax exemptions for interest income on debt issued by states and localitiesmight change as a result of greater use of tax-credit bonds.”
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