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A CBO Report: A Comparison of Tax-Credit Bonds, Other Special-Purpose Bonds, and Appropriations in Financing Federal Transportation Programs [i] (June 2003)

handle is hein.congrec/cbo0747 and id is 1 raw text is: A CBO REPORT A Comparison of Tax-Credit Bonds, Other Special-Purpose Bonds, and Appropriations in Financing Federal Transportation Programs June 2003 Preface As the Congress considers legislation to reauthorize the federal highway and mass transit programs, policymakers and analysts have been seeking new sources of financing that do not require increasing taxes on motor fuels. One set of proposals involves issuing a special type of bonds whose proceeds would be earmarked for transit programs. The Senate Committee on the Budget asked the Congressional Budget Office (CBO) to provide an economic analysis of three hypothetical but representative proposals and to describe their budgetary treatment. Under those proposals, the federal government would: Create a government-sponsored enterprise authorized to issue bonds on which interest was paid in the form of credits against federal income taxes; Issue special tax-credit bonds for transit programs; and * Issue conventional bonds whose proceeds were earmarked for transit programs. CBO's analysis concludes that financing transit programs through the proposed bonds would generally be more expensive to the federal government than financing an equivalent amount through appropriations. The analysis was prepared by Elizabeth Pinkston of CBO's Microeconomic and Financial Studies Division (MFSD) under the direction of Roger Hitchner and David Moore. Substantial contributions were made by Robert Sunshine, Peter Fontaine, Kiln Cawley, and Rachel Milberg of CBO's Budget Analysis Division and by Albert Metz, David Torregrosa, and Marvin Phaup of MFSD. Douglas Holtz-Eakin Director June 2003

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