Word: tax-exempt
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...repeals a 1986 law which capped at $150 million the amount of tax-exempt bonds non-profit, private institutions could issue. If institutions needed to issue more than that limit, they had to issue taxable bonds-which meant they paid on average an extra 2 percentage points in interest. (Purchasers of taxable bonds must pay income tax on their earnings, hence universities issuing bonds must pay a premium...
Officials warn, however, that currently the difference in borrowing rates between tax and tax-exempt bonds is closer to 1.5 percent-which would lower the University's savings-over the past 10 years the average difference has been 2 percent...
These contributions cannot be quantified monetarily, but University officials say they more than make up for any losses to the city in taxes. They also note that Harvard's tax-exempt status is critical to fulfilling its mission...
...executive director of the Christian Coalition to take a more direct hand in politics. Reed said Wednesday he will step down in September to form a political consulting firm called Century Strategies. For the highly ambitious Reed, the move frees him from the limitations imposed by the Coalition's tax-exempt status. As a religious organization, the group is prohibited from directly endorsing candidates, or having official ties to a political party, a line that Reed has closely skirted in the past. TIME's Laurence Barrett notes that Reed, who built up Pat Robertson's moribund operation into...
...Even Dartboard was taken aback. Not only did recently re-elected Speaker of the House Newt Gingrich, one of the ring leaders of the "keep campaign finance clean" cabal, get smacked with a fine of $300,000 and a reprimand imposed on him for ethics violations because he used tax-exempt funds to fund his own party, but also, he is now considering avoiding personal payment (and responsibility) by paying for that fine through the use of a legal defense fund...