Private Activity Bond (PAB)
The term used in the Code to describe any bond issued as part of a bond issue that meets both of the private business tests or meets the private loan financing test.
bond-basics
Millage or Mill
Millage is the percentage of value of property that is used in calculating Taxes. A mill is defined as 1/10 of 1 percent and is multiplied by the assessed value after any exemptions have been subtracted to calculate the taxes.
Dive Deeper on Tax Issues
Learn more about how various aspects of tax law intersect with municipal securities.
