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Tax Exemption and State Capital Investment

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  • Coronado, Julia Lynn

Abstract

Recent theoretical models have called into question whether the tax exemption on the interest on municipal bonds actually provides a marginal subsidy to state and local capital investment. This paper develops a framework for testing for the presence of a subsidy and uses a state level data set to estimate the model. The findings provide some evidence that tax exemption subsidizes capital spending, although the results are sensitive to model specification.

Suggested Citation

  • Coronado, Julia Lynn, 1999. "Tax Exemption and State Capital Investment," National Tax Journal, National Tax Association;National Tax Journal, vol. 52(3), pages 473-482, September.
    • Handle: RePEc:ntj:journl:v:52:y:1999:i:3:p:473-82
    DOI: 10.1086/NTJ41789736
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    File URL: https://doi.org/10.1086/NTJ41789736
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    File URL: https://doi.org/10.1086/NTJ41789736
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    Cited by:

    1. Jean Sébastien Pentecôte & Marie-Estelle Binet, 2006. "Structure de l'impôt et cycle électoral au plan municipal," Économie et Prévision, Programme National Persée, vol. 174(3), pages 113-127.
    2. Thomas Luke Spreen & Ed Gerrish, 2022. "Taxes and tax‐exempt bonds: A literature review," Journal of Economic Surveys, Wiley Blackwell, vol. 36(4), pages 767-808, September.

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