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Private activity bond
(Tax Law)
A bond that is part of a state or local government bond issue of which:
- More than 10% of the proceeds are to be used for a private business use, and
- More than 10% of the payment of the principal or interest is:
- Secured by an interest in property to be used for a private business use (or payments for the property), or
- Derived from payments for property (or borrowed money) used for a private business use.
Source : Internal Revenue Service - United States Department of Treasury
Language : English