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The State of New York Municipal Bond Bank Agency (MBBA) was a New York State public-benefit corporation founded in 1972 by the state legislature to offer municipalities increased access to the bond market by creating an alternate method by which they could sell their general obligation bonds. MBBA was authorized to issue up to $1 billion of its ...
Tax-free municipal bonds are not just a source of investment but also a significant contributor to public projects such as roads, schools and hospitals. These debt instruments are issued by local ...
Interest income from most municipal bonds is excludable from gross income for federal income tax purposes, and may be exempt from state income tax as well, depending on the applicable state laws. [14] Internal Revenue Code section 103(a) is the statutory provision that excludes interest on municipal bonds from federal income tax. [15]
Also, while the interest income may be tax-free, capital gains from selling municipal bonds are subject to taxation. Additionally, private activity bonds, a type of municipal bond, are typically ...
Generally, municipal bonds are tax-free at the federal level. Residents of the same state as the issuer typically enjoy a state-level tax break as well. However, capital gains, if applicable, are ...
The New York State Constitution, Art.X, sec. 5, provides that public benefit corporations may only be created by special act of the legislature. In City of Rye v. MTA, 24 N.Y.2d 627 (1969), the court of appeals explained that "The debates of the 1938 Convention indicate that the proliferation of public authorities after 1927 was the reason for the enactment of section 5 of article X....
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