Electricity Restructuring and Tax-Exempt Bonds: Economic Analysis of Legislative Proposals

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Tax-exempt bonds reduce public power's interest cost on debt and enable it to lower the price of electricity. This subsidy makes taxpayers better off only if the private market fails to provide the correct amount of electricity. In general, the private market can provide the correct amount of electricity; in those cases when it can not, the tax-exempt bond subsidy is unlikely to correct the problem. Tax-exempt bond legislation has been consistent with this perspective that an interest subsidy for electricity production does not correct a market failure; its focus has been to prohibit the spread of subsidized public power … continued below

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Zimmerman, Dennis January 20, 2000.

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Tax-exempt bonds reduce public power's interest cost on debt and enable it to lower the price of electricity. This subsidy makes taxpayers better off only if the private market fails to provide the correct amount of electricity. In general, the private market can provide the correct amount of electricity; in those cases when it can not, the tax-exempt bond subsidy is unlikely to correct the problem. Tax-exempt bond legislation has been consistent with this perspective that an interest subsidy for electricity production does not correct a market failure; its focus has been to prohibit the spread of subsidized public power beyond its traditional service areas.

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Congressional Research Service Reports

The Congressional Research Service (CRS) is the public policy research arm of Congress. This legislative branch agency works exclusively for Members of Congress, their committees and their staff. This collection includes CRS reports from the mid-1960's through 2018—covering a variety of topics from agriculture to foreign policy to welfare.

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  • January 20, 2000

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  • June 11, 2005, 11:16 a.m.

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  • Feb. 10, 2017, 6:44 p.m.

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Zimmerman, Dennis. Electricity Restructuring and Tax-Exempt Bonds: Economic Analysis of Legislative Proposals, report, January 20, 2000; Washington D.C.. (https://digital.library.unt.edu/ark:/67531/metacrs1222/: accessed April 19, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.

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