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