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. Current Revision Form 8038-T PDF Instructions for Form 8038-T (Print Version) PDF Recent Developments None at this time. Other Items You May Find Useful All Form 8038-T Revisions Publication 4077 PDF, Tax-Exempt Bonds for 501(c)(3) Charitable Organizations (PDF) Publication 4079 PDF, Tax-Exempt Governmental Bonds Compliance Guide (PDF) Other Current Products Related Items Series 8038 Tax Exempt Bond Forms
