PROTECTING TAX-EXEMPT BONDS

FOR INFRASTRUCTURE AND JOBS

In the last decade (20032012),

state and local governments financed
$1.65 trillion of infrastructure projects
through tax-exempt bonds.
Water and sewer
facilities

20032012 ($ BIL)

Top six state and local infrastructure

categories using tax exempt financing
Primary and secondary
schools

Roads, highways,
and streets

$178

$258

General acute care

hospitals

Public power
projects

$147

$514

Mass transit

$288

$106

PROTECTING TAX-EXEMPT BONDS

FOR INFRASTRUCTURE AND JOBS

The Obama Administrations proposal

to impose a 28% benefit cap on taxexempt debt would have cost state and
local governments an additional

$175 billion
over the last decade
(20032012).

PROTECTING TAX-EXEMPT BONDS

FOR INFRASTRUCTURE AND JOBS

Infrastructure borrowing
by state
LONG-TERM, TAX-EXEMPT
20032012

STATE
$ mil
# of issues

Alabama

avg size
($ mil)

STATE
$ mil
# of issues

avg size
($ mil)

16,984.5 724 23.5

Montana

Alaska

4,529.2 69 65.6

Nebraska

16,483.5 2,216

Arizona

36,128.0 808 44.7

Nevada

19,750.7 253 78.1

Arkansas

10,089.9 1,421

New Hampshire

7.1

California

232,831.4 4,600 50.6

Colorado

33,869.9 951 35.6

New Mexico

Connecticut

11,659.6 256 45.5

New York

District of Columbia 5,846.7

Delaware
Florida
Georgia
Guam

1,717.2 202 8.5

New Jersey

7.4

2,900.4 94 30.9
62,502.0 1,559 40.1
9,432.0 441 21.4

149,790.1 3,581 41.8

64 91.4

North Carolina

28,390.8 449 63.2

2,897.7 50 58.0

North Dakota

1,992.6 392 5.1

103,081.0 1,250 82.5

40,975.6 676 60.6
909.8

8 113.7

Ohio

49,473.5 1,855 26.7

Oklahoma

12,851.5 2,209

Oregon

17,044.2 545 31.3

5.8

Hawaii

4,675.0 48 97.4

Pennsylvania

76,471.1 3,579 21.4

Idaho

3,625.8 214 16.9

Puerto Rico

20,847.6

Illinois

59,454.8 2,927 20.3

Rhode Island

Indiana

35,905.1 1,594 22.5

South Carolina

28,590.3 681 42.0

South Dakota

2,518.9 357 7.1

Iowa

9,280.2 1,471

6.3

38 548.6

3,535.3 101 35.0

Kansas

14,103.7 899 15.7

Tennessee

Kentucky

18,882.9 1,420 13.3

Texas

193,415.7 6,524 29.6

Louisiana

16,091.7 659 24.4

Utah

14,070.1 401 35.1

Maine

2,974.6 89 33.4

18,892.7 574 32.9

Vermont

864.2 31 27.9
232.2

Maryland

19,221.8 268 71.7

Virgin Islands

Massachusetts

37,931.1 592 64.1

Virginia

25,828.5 359 71.9

Michigan

46,304.3 2,130 21.7

Washington

49,529.8 1,264 39.2

Minnesota

27,593.8 2,309 12.0

West Virginia

Mississippi
Missouri

5 46.4

4,442.5 132 33.7

5,604.1 383 14.6

Wisconsin

20,545.7 1,631 12.6

27,056.6 2,353 11.5

Wyoming

1,223.1 48 25.5

TOTAL

1,661,845.0 57,754

28.8

PROTECTING TAX-EXEMPT BONDS

FOR INFRASTRUCTURE AND JOBS

Infrastructure issuance
volume by use
LONG-TERM, TAX-EXEMPT, $ MIL

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 totals
Airports
3,366.20 2,950.70 5,446.50 2,191.00 4,029.80 3,393.30 6,581.90
13,844.10 3,051.10 4,471.00 49,325.60
Bridges
2,721.70 1,213.40 706.90 3,228.20 1,957.70 2,471.00 1,698.10 1,362.00 1,424.20 3,380.30 20,163.50
Combined utilities
1,746.80 2,894.40 1,526.60 1,071.50 1,094.30 1,079.80 1,420.40 647.30 787.40 1,947.40 14,215.90
Fire stations & equipment
230.00 215.40 296.30 357.40 312.20 230.80 319.60 193.60 276.50 212.60 2,644.40
Flood control
6.20 0.00 0.00 0.00 1.00 0.00 1.60 4.40 5.40 0.00 18.60
Gas

0.70 352.60 397.70 515.20 2,957.20 3,477.30 2,210.60 1,322.50 186.80 2,176.60 13,597.20
General acute care hospitals
19,295.30 17,303.20 28,642.10 29,182.30 36,241.60 53,343.20 37,021.30 23,652.30 19,025.60 24,198.80 287,905.70
General purpose/public improvement
71.30 101.90 235.80 58.60 87.10 170.10 215.30 211.00 75.30

0.00 1,226.40

Government buildings
8.00 0.00
25.30 0.00 2.00 0.00
22.20 0.10
186.80 0.00 244.40
Mass transportation
9,011.70 9,922.60
11,627.90
13,775.10 8,405.50
12,635.70 8,348.20 5,607.30 9,143.20
17,146.00 105,623.20
Multifamily housing
7,055.10 3,585.10 2,923.60 1,826.10 952.30 2,357.50 3,216.70 3,141.30 2,539.00 3,439.70 31,036.40
Police stations & equipment
170.00 255.70 51.60 538.80 151.40 119.10 381.30 33.50 74.50 143.20 1,919.10
Primary & secondary education
51,432.50 54,059.40 72,570.70 59,218.10 62,631.50 47,084.30 40,915.70 34,221.00 37,375.30 54,548.30 514,056.80
Public power
15,834.30 6,524.20 12,983.80 21,190.40 19,717.10 19,762.00 11,743.80 17,137.10 9,905.70 12,194.20 146,992.60
Recycling

112.70
258.40 3.80 0.00
10.00
21.70 0.00 0.00 0.00 2.50 409.10
Sanitation

1,084.20 552.80 465.40 731.80
1,205.10 465.50 731.90 219.80 564.60 275.40 6,296.50
Seaports/marine terminals

1,062.80 276.40 328.60 790.00
1,889.40
1,211.40 719.70
1,821.70 943.60 100.10 9,143.70
Solid waste

1,091.20 815.80 522.70 755.50 819.20
1,724.10 703.40
1,602.20 846.20 387.60 9,267.90
Toll roads, highways, & streets
29,946.90 26,903.10 17,478.10 13,963.10 17,717.80 17,141.50 13,743.70 13,668.50 9,413.90 18,000.30 177,976.90
Tunnels
0.00 0.00
800.00 0.00 0.00
99.60 0.00 0.00 0.00
240.30
1,139.90
Water & sewer facilities
15,261.20 10,688.30 28,607.60 29,364.40 29,640.20 30,531.50 28,124.10 21,738.20 27,444.90 36,546.90 257,947.30
TOTALS
159,508.80 138,873.40 185,641.00 178,757.50 189,822.40 197,319.40 158,119.50 140,427.90 123,270.00 179,411.20 1,651,151.10