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They’re called qualified private activity bonds, and they’re intended to encourage public works through a tax break. In reality, though, they often go to subsidize private projects — everything from a winery in North Carolina to a golf resort in Puerto Rico to the Barclays Center in Brooklyn and the offices of Goldman Sachs in New York.
In 10 years more than $65 billion dollars of qualified private activity bonds have gone to corporations, according to a new analysis of data by The New York Times. Louise Story, investigative reporter for The New York Times, explains how this loophole gets used.
For more, go to: http://www.thetakeaway.org/2013/mar/05/how-qualified-private-activity-bonds-subsidize-corporate-projects/