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Metropolitan Transportation Authority, $1.2 billion of dedicated tax bond series 2002A.
In the first week of the fixed-income tax bond trading volumes fell by 85%; the amount eventually raised from the tax averaged only about 3% of what was predicted.
Incentives include wage credits on federal income tax, bond financing for new construction, financing for equipment purchases, tax benefits on capital gains and tax deductions for environmental cleanups, among other things.
Two main extensions are planned: the first, expected to cost $45 million, with funding from a federal grant, is scheduled for completion in June 2012; the second, at a cost of $79 million, financed by revenue from a city sales tax bond, is scheduled for completion by late 2013.
Because the site is in a state Empire Zone and a federal Empowerment Zone, tenants like the consortium are eligible to receive incentives that include wage credits on federal income tax, bond financing for new construction, financing for equipment purchases, tax benefits on capital gains and tax deductions for environmental cleanups.
A 1907 tax bond issue was brought to the voters.
Similar(51)
Massachusetts School Building Authority, $142.4 million of sales tax bonds.
Austin Community College District, Tex., $75 million of limited tax bonds.
Oregon Department of Transportation, $204 million of highway user tax bonds.
City of Phoenix, $500 million of excise tax bonds.
Conroe, Tex., Independent School District, 85 million of unlimited tax bonds.
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