美國(guó)市政債券稅收減免制度計(jì)劃的有效性扶持USA municipal bond tax relief: support the validity of institutional arrangement

1.USA municipal bonds, tax system arrangement

一、美國(guó)市政債券稅收減免準(zhǔn)則組織

Free (tax-exemption) is American municipal bond (Municipal Bond) is an important characteristic different from other bonds, since the implementation of the income tax law of 1913 America, has been performed for more than 100 years. Tax is the essence of the federal government to indirect subsidies to state and local government issued municipal bonds, is an important system for municipal bonds to attract investors, reduce local government financing cost.

免稅（tax-exemption）是美國(guó)市政債券（Municipal Bond）差異于其他債券的重要特征，自1913年美國(guó)所得稅法施行以來(lái)，已經(jīng)履行100多年。免稅的本質(zhì)是聯(lián)邦政府對(duì)州和當(dāng)?shù)卣l(fā)行的市政債券予以直接的財(cái)政補(bǔ)貼，是市政債券吸引投資者參加、下降當(dāng)?shù)卣谫Y本錢(qián)的重要準(zhǔn)則組織。

(1)the municipal bond tax relief policy level

一）市政債券稅收減免方針的層次

Municipal bond interest income tax rules are complex, the federal level is the "Internal Revenue Code" (IRC) 103, 141-150 terms, each state has its own tax provisions on Municipal bonds. Municipal bonds issued documents (such as the official statement or memorandum) generally contains information about the bond is exempt information, investors from the American state tax bureau's official website (www.irs.gov) to obtain detailed provisions on municipal bonds tax-free [1].

　市政債券利息收入稅收規(guī)則較復(fù)雜，聯(lián)邦層面首要是《國(guó)內(nèi)稅收法典》（IRC）的103、141-150條款，每個(gè)州也有各自關(guān)于市政債券稅收的規(guī)則。市政債券發(fā)行文件（如官方陳說(shuō)或備忘錄）通常包括有關(guān)債券是不是免稅的信息，投資者可從美國(guó)國(guó)家稅務(wù)局的官網(wǎng)（www.irs.gov）上獲得關(guān)于市政債券免稅的詳細(xì)規(guī)則[1]。 

1 the federal government municipal bond interest exemption. Municipal bonds tax-free, mainly refers to the federal government for investors to obtain the interest is exempt from income tax from the municipal bond. Municipal bonds to raise funds for local public services expenditure, debt financing mainly comes from the local government tax or specific public fees, if the interest income of municipal bond income tax levy, is actually equivalent to a tax on local government. In 1913, income tax law American interest income taxpayers get for possession of state administrative departments and affiliated creditor excluded from taxable income outside. In 1988, American Supreme Court in southern California VS. Baker case judgment, municipal bond interest income tax by the Tenth Amendment to the Constitution and the "tax exemption" security. The federal government municipal bonds tax-free policy mainly includes 2 aspects, 1 is to enjoy tax exempt municipal bonds type, IRC103 provides 3 exceptions; the 2 is to enjoy tax exempt investors, municipal bonds tax-free tend mainly to individual investors, "tax reform act of 1986" limits of such tax incentives of commercial banks. Municipal bond interest tax-free specific need to meet the "Internal Revenue Code" section 103 (IRC103), the 141-150 clause and the State Tax Bureau (IRS) regulations. In general, the issuance of municipal bonds in official statements about the exemption of municipal bonds usually have detailed information statement, and bond counsel (bond counsel) on the federal income tax exempt bonds views.#p#分頁(yè)標(biāo)題#e#

1.聯(lián)邦政府的市政債券利息免稅規(guī)則。市政債券免稅，首要是指聯(lián)邦政府對(duì)投資者從市政債券獲得利息收入免征所得稅。市政債券籌集資金首要用于當(dāng)?shù)氐墓残陂_(kāi)銷(xiāo)，償債資金來(lái)源首要來(lái)自當(dāng)?shù)卣亩愂栈蛱囟ü岔?xiàng)目的收費(fèi)，假如對(duì)市政債券的利息收入征收所得稅，實(shí)際上相當(dāng)于對(duì)當(dāng)?shù)卣{稅。美國(guó)1913年所得稅法將納稅人因持有州及附屬行政部門(mén)債權(quán)所獲得的利息收入排除在應(yīng)稅所得之外。1988年，美國(guó)最高法院在南加利福尼亞VS. Baker案中斷定，市政債券利息收入免稅規(guī)則受憲法第十修正案以及“政府間稅收豁免”保證。聯(lián)邦政府的市政債券免稅方針首要包括兩方面內(nèi)容，一是享用免稅的市政債券類(lèi)型，IRC103規(guī)則了三種例外狀況；二是享用免稅的投資者，市政債券免稅優(yōu)惠首要傾向于自己投資者，《1986年稅收變革法案》約束了對(duì)商業(yè)銀行的此類(lèi)稅收優(yōu)惠。市政債券利息免稅詳細(xì)需求滿(mǎn)意《國(guó)內(nèi)稅收法典》103條款（IRC103）、141-150條款以及國(guó)家稅務(wù)局（IRS）有關(guān)辦理規(guī)則。通常地，市政債券發(fā)行的官方陳說(shuō)中通常有關(guān)于市政債券免稅狀況詳細(xì)信息的聲明，以及債券參謀（bond counsel）對(duì)該債券聯(lián)邦所得稅免稅狀況的定見(jiàn)。


2 "construction America bond" tax policy. During the current round of the international financial crisis, to create jobs and stimulate the economy, USA launched the "recovery and Reinvestment Act" in 2009, 1 of the measures is very important issue "construction USA bond". "Construction USA bond" is intended to reduce borrowing costs for state and local governments to provide financing for new projects, infrastructure construction, investment includes public buildings, court, school, highway, traffic facilities, public hospitals, public infrastructure, water conservancy engineering, environmental engineering, energy engineering, government housing project. From 2009 April to December 31, 2012, the construction of American bonds issued a total of $181000000000, the bond holders mainly for insurance companies, mutual funds, foreign central banks and commercial banks, and individual investors [2]. Construction American bonds as taxable bonds, but the bond holders and issuers have tax credits and the federal government subsidies, is actually the duty-free treatment in disguise. According to the tax relief or compensation mode, construction America bonds can be divided into bond tax credits and direct payment bond, the bond tax credits to bond holders to pay the federal government subsidies 35%.
3 state municipal bond tax policy. Some state governments to exempt from municipal bond interest state income tax. However, this difference in tax treatment conditions are different, the larger. In some states, residents of the state investment in the government or other municipal bond issuers of municipal bonds issued to enjoy duty-free, interest on the other, the issuance of municipal bonds is not free. For example, Utah's 59-10-114 (1) (E) provisions of laws and regulations and the rules of R865-9I-50, the state residents buy and hold other states to issue municipal bond interest be taxed, however, if the municipal bond issue where the state is not to Utah [first paper nets to provide professional translation and essay writing services, welcome your presence municipal bond interest income tax lunwen.1kejiAN.com] published in the state of Utah, then to the municipal bond interest tax. The mutual exemption of tax preferential arrangements between States, and Utah are tax exempt states including Alaska, Florida, Indiana, Columbia, Nevada, North Dakota, South Dakota, Texas, Washington and wyoming.#p#分頁(yè)標(biāo)題#e#
(2) Federal exceptions
Municipal bond interest exemption is very complicated, according to "under the internal revenue code of 103rd," the terms of the 141-150, 3 cases, state and local government municipal bond interest does not enjoy tax exemption treatment.
1 the private nature of municipal bonds (Private activity bond) exception. According to the "Internal Revenue Code" 141st, the private nature of municipal bonds are those bond income for private enterprise or for the benefit of private enterprise bonds. In twentieth Century sixty, the local government in the boom of the local economy, increase the fiscal revenue, offering many nominal "for the public", "private" and "economic development bonds", provide the channel of financing for enterprises (conduit financing). Therefore, "the 1968 income and expenditure control act" (The Revenue and Expenditure Control Act of 1968) for tax exempt municipal bonds and the use range is limited, separated from a municipal bond in the "industrial development bonds" (industrial development bond), which became "the private nature of municipal bonds". "The tax reform act of 1986" further distinguishes between the basic municipal bonds and private nature of municipal bonds, if more than 10% bond income from non government enterprises or more than 10% of the principal and interest by the non government all property security, is the private nature of municipal bonds; facilities, conference center, air and water purification facilities, sports industrial park, private infrastructure projects such as municipal bonds issued not enjoy duty-free treatment.
2 "post bond" (Arbitrage bond) exception. "Internal Revenue Code" provisions of article 148 of the "post bond" (Arbitrage bond) situation. The biggest difference between municipal and corporate bonds is the former enjoy duty-free treatment, in the period of risk, under the same conditions, the municipal bond financing from market at a relatively low rate of interest. Some local governments by making use of the price difference, "development through the issuance of bonds" in the name of the municipal bond, and then use the funds raised in capital market profit, the profit tax exemption municipal bond is called "post bond". In order to limit the spread of bonds, USA "the tax reform act of 1969" and "tax reform act of 1986" have been carried out on the "limited, the tax reform act of 1986" clearly pointed out that the difference is the use of interest free bonds errors, thus to take tough measures to eliminate arbitrage.
3 non compliance registration exception. Not in accordance with the relevant provisions of Article 149 "Internal Revenue Code" for the registration of the municipal bond is not free. In actual operation, a publication for tax exempt municipal bonds, if the issuer finally actually failed to meet the provisions of the federal tax rules, will also change as taxable municipal bonds. In addition, be exempted from some municipal bond interest payments in the first computing federal income tax revenues, but will still be the alternative minimum tax (Alternative Minimum Tax Bonds, AMT) Regulation and be taxed, municipal bond official statements should be clear from the alternative minimum tax debt constraint.#p#分頁(yè)標(biāo)題#e#
In this paper, American concrete results [2 municipal bonds tax-free transfer from: lunwen.1kejian.com]
Municipal bonds tax-free policy in American has 100 years of history, is an important factor to promote the rapid development of the municipal bond market. As of the end of 2012, USA municipal bond balance of $3.7, the long term, tax exempt municipal bonds accounted for an absolute majority, and municipal bonds are usually referred to as tax exempt bonds. Effect of municipal bonds tax-free is embodied in the following aspects.
(1)tax exempt municipal bonds and promote public investment, infrastructure construction is an important source of funds of the local government
The premise of municipal bonds tax-free is its public use features, its tax provisions to encourage investors to put m1y to buy municipal bonds, the resource allocation function of good. 2003 - 2012, American for state and local governments new infrastructure investment of municipal bonds issued amounted to $1.65, including $802000000000 for the construction of schools and hospitals, $436000000000 for water, underground pipeline and road construction projects. In 2012, America issued a total of 6600 tax exempt municipal bonds, raising more than $179000000000, to provide a large amount of m1y to local government infrastructure construction.
(2) the municipal bonds tax-free implicit subsidies, effectively reducing the local government financing cost
At present, the "10 years period of municipal bonds financing cost AAA" rating of 2.65%, "A" rating of 3.44%. Usually tax-free bonds interest rate to provide translation and essay writing services than taxable bond interest rates low [first the professional, welcome you the presence of lunwen.1kejiAN.com]2 percentage points, to help the local government to lower interest rates and financing. According to estimates USA Association of counties, if there is no tax policy support, 2003 - 2012 USA state and state governments to issue municipal bonds pay $495300000000 in interest. Among the top 3 in California, Texas and New York respectively save financing costs $69800000000, $58000000000 and $44900000000.
(3) tax exempt bonds is the core part of municipal bonds, provide the financing platform [stable since the turn of the public purpose of municipal project: lunwen.1kejian.com]
From the new municipal bonds, long-term tax exempt municipal bonds, municipal bonds accounted for over 90% of the total of about. In 2009 and 2010, the construction America bond (manifested as taxable bonds issued) influence the growth, tax exempt municipal bonds ratio dropped from 89% in 2008 to 82% and 78%, but with the end of the building America bond project, tax exempt municipal bonds issued in 2011 accounted for up to 90.2% level. Tax exempt municipal bonds market developed, created the conditions for the local government to maintain fiscal autonomy, which help to consolidate fiscal federalism.
(4) the municipal bonds tax-free inclined to individual investors, individual investors attracted broad participation#p#分頁(yè)標(biāo)題#e#
Before the promulgation of the tax reform act of 1986, commercial banks are the main investors of municipal bonds; tax reform act of 1986 reduced the relief on commercial banks to buy municipal debt tax, commercial banks in the municipal bond investors in the proportion decreased from 51% in 1971 to 7.6% in 2011. Corresponding with this, individual investors accounted for up to more than 50%, coupled with the personal holdings through mutual funds, m1y market funds and closed-end funds and other channels of municipal bonds, the ratio of more than 75%[3].
Obviously the positive role of municipal policy of tax exempt bonds. But this policy in the past 100 years there has been controversy. Is the main criticism of the municipal bonds tax-free, tax leads to a decrease in the federal government fiscal revenue, fiscal expenditure pressures; the rich tend to buy tax-free municipal bonds tax avoidance, tax income inequality. Therefore, the Obama government put forward the policy tax-free municipal bonds adjustment in the fiscal year 2014 budget bill in 2013 April. The tendency of a policy adjustment is strongly opposed by the state and local government, the reason is: improve the local infrastructure construction financing costs, state and local governments to compensate for the rising cost of financing needs, have to raise taxes or infrastructure user fee; if the state and local governments choose not to increase taxes, can only reduce the scope and scale of infrastructure the construction of the. [this article from: lunwen.1kejian.com]
3, the arrangements for the municipal bond tax system of our country enlightenment
China to promote the municipal bond is still not clear, is on behalf of or local government autonomy issue, general obligation bond or project revenue bonds, bond market transactions or over the counter, a series of questions need further study. However, whether to take the form of institutional arrangements, tax exempt municipal bonds is an important problem to avoid the.
(1)the necessity for China Municipal Bond System of tax exemption.

There is a great difference between China's fiscal system and American fiscal federalism, the local government and the central government in the property right is a division of labor, but the local government default does not exist, so the restriction mechanism to local government bonds of different. From the necessity of municipal bonds, tax-free reflected provide to write papers and paper to write, in several ways [first: 1 is the professional tax equal to. The local government of China
Government bonds will start from a certain profit public welfare projects, public welfare and public product to determine its properties and small difference current local government bonds. In view of our country for individuals and enterprises from the local government bond interest income tax, tax is the proper meaning of municipal bonds. 2 is to improve the attractiveness of municipal bonds. Municipal bond is a new product of the bond market, market acceptance remains to be verified, duty-free treatment can improve the municipal bonds more attractive, so as to play its role in financing for infrastructure construction. 3 is to reduce the local government infrastructure construction financing costs.#p#分頁(yè)標(biāo)題#e#
(2) the municipal bond financing of China's tax system plan
The policy of tax exempt bonds municipal should be set in certain conditions, to ensure that the tax benefit distribution equity and debt constraints imposed on the local government. 1 is the municipal bonds tax-free object should include personal and institutional investors. USA municipal bonds tax-free policy bias of individual investors. The development of China's bond market is relatively backward, institutional investors will be the municipal bond market development at the beginning of the most important force of municipal bonds, tax policy should be designed for all institutions and individual investors. 2 is the local government municipal bond scale introduction of total control, according to the synthetic conditions of local government debt burden level, the level of economic development, infrastructure construction financing requirements, restrictions on the municipal bond issuance. For public welfare projects, allow it to issue tax exempt municipal bonds; do not meet the public requirements of the project, not to give duty-free concessions. Public welfare standard city construction project formulated by the relevant departments of the state, in order to attract the participation of social forces, for the participation of social capital ratio can be set to a relatively high level. 3 is in the local government under the condition of issuing municipal bonds, encouraged local governments for local residents to purchase other area between the issue of municipal bond interest income to grant duty-free treatment.