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Qualified Student Loan Bonds

Special bonds issued by state and local governments to finance student loan programs, which must meet certain federal requirements to receive tax benefits.

Volume Cap

A federal limit on the total dollar amount of certain tax-exempt bonds, like 'private activity bonds,' that a state can issue in a given year.

Alternative Minimum Tax (AMT)

A separate tax calculation designed to ensure that wealthy individuals and corporations pay at least a minimum amount of tax, even if they have many deductions and exemptions under the regular tax system. Interest from some normally tax-exempt bonds can be subject to the AMT.

Private Activity Bonds

Tax-exempt bonds issued by state or local governments where more than a certain percentage of the money is used for private businesses or individuals, rather than strictly public projects. These bonds are subject to specific federal rules and volume caps.

Internal Revenue Code of 1986

The official compilation of federal tax laws in the United States.

Refunding Bond

A bond issued to replace or pay off an existing bond, often to take advantage of lower interest rates or more favorable terms.