Tax anticipation notes are notes issued by states or municipalities to finance current operations before tax revenues are received in the United States.[1] When the issuer collects the taxes, the proceeds are then used to retire debt. The interest income is exempt from federal income tax for the recipient—a treatment similar to that for interest income from municipal bonds. Tax anticipation notes are short term notes, issued at a discount, with a maturity period usually less than a year or a stated future date. Tax anticipation notes are used by municipalities to bridge funding gaps.
In the U.S. state of California, Revenue Anticipation Notes (RANS) are issued and paid back within a fiscal year, while Revenue Anticipation Warrants (RAWS) are issued on a fiscal year and paid back the following fiscal year.[2]
^Mitchell, Daniel J. B. (Winter 2008). ""Duke, Is There Perhaps Something You Forgot to Tell Me?" Pete Wilson's First-Term Struggle with the California Budget". Southern California Quarterly. 90 (4): 384–385. doi:10.2307/41172444. JSTOR 41172444.
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Taxanticipationnotes are notes issued by states or municipalities to finance current operations before tax revenues are received in the United States...
kinds of taxanticipationnotes: Revenue AnticipationNotes (RANS), which are issued and paid back within a fiscal year, and Revenue Anticipation Warrants...
the money." Capital gains tax Child tax credit (United States) Guaranteed minimum income Negative income tax Refund anticipation loan Taxation in the United...
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applied to the payment of the Sales Tax Revenue Bonds. Tax Revenue AnticipationNotes (TRANS) Pub. L.Tooltip Public Law (United States) 64–145 §3 "[...]...
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accounts for the graduated capitation tax of 1513, which, despite anticipation, yielded even less than the tax of 1488 (£50,000 instead of £160,000)....
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