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Form 8038-T, Arbitrage Rebate, Yield Reduction and Penalty in Lieu of Arbitrage Rebate

Under Internal Revenue Code section 148(f), interest on a state or local bond is not tax-exempt unless the issuer of the bond rebates to the United States arbitrage profits earned from investing proceeds of the bond in higher yielding nonpurpose investments. Issuers of tax-exempt bonds and any other bonds subject to the provisions of Internal Revenue Code section 148 must use this form to make arbitrage rebate and related payments.


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All Form 8038-T Revisions

Publication 4077, Tax-Exempt Bonds for 501(c)(3) Charitable Organizations

Publication 4079, Tax-Exempt Governmental Bonds  Compliance Guide

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Comment on Form 8038-T

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Page Last Reviewed or Updated: 19-Nov-2014