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Internal Revenue Code of 1986

The main body of federal tax law in the United States.

Excise Taxes

Taxes on certain goods or services, such as fuel, tobacco, or gambling, rather than on income or property.

Tax-Exempt Bonds

Debt instruments issued by government entities where the interest earned by the bondholder is not subject to federal (and often state/local) income tax, making them attractive to investors and lowering borrowing costs for the issuer.

Private Activity Bond

A type of bond issued by a government entity where more than a small portion of the proceeds primarily benefits a private business. These generally do not qualify for tax-exempt status unless they meet specific federal requirements for public purposes.

Volume Cap

A limit imposed by federal tax law on the total amount of certain types of tax-exempt bonds that can be issued within a specific jurisdiction or, in this case, nationally for tribal governments, during a calendar year.

Qualified Indian Lands

Specific categories of land, including Indian reservations, trust lands, and other lands recognized by federal law, where certain development activities or investments are eligible for special consideration under federal programs or tax provisions.