IRS Pub 5439 – Municipal Bonds One Sheet – Municipal bonds play a crucial role in funding public projects across the United States, offering investors tax advantages while supporting essential infrastructure and services. The IRS Publication 5439, also known as the “Municipal Bonds One Sheet,” provides a concise summary of key statistics on these bonds for a specific calendar year. Released by the IRS Statistics of Income (SOI) Division, this one-page document highlights trends, issuance volumes, and breakdowns by bond type. In its latest revision (January 2026), it focuses on data from Calendar Year 2022. Whether you’re an investor, financial advisor, or researcher interested in tax-exempt bonds, this guide breaks down the essentials of IRS Pub 5439.
What Are Municipal Bonds?
Municipal bonds, often called “munis,” are debt securities issued by state and local governments, as well as their territories, to finance public operations, facilities, infrastructure, and services. These bonds are typically tax-exempt, meaning the interest earned is not subject to federal income tax, making them attractive to investors in higher tax brackets. There are two main categories:
- Governmental Bonds (Public Purpose Bonds): These finance public projects like schools, roads, and utilities. Data is reported via Form 8038-G.
- Private Activity Bonds: These support projects that benefit private entities but qualify for tax-exempt status, such as nonprofit hospitals or affordable housing. Data comes from Form 8038.
The IRS SOI Division compiles annual studies on these bonds, analyzing factors like bond purpose, issue size, state of issuance, and more. Pub 5439 serves as a quick-reference one-sheet distilling this data, helping stakeholders understand market trends in tax-exempt municipal bonds.
Key Highlights from IRS Pub 5439 for Calendar Year 2022
The 2022 data in IRS Publication 5439 reveals a slight decline in overall municipal bond issuances amid economic factors like interest rate changes. Here’s a breakdown of the major insights:
- Total Municipal Bond Issuances: Dropped 5.9% from $485.4 billion in 2021 to $456.4 billion in 2022.
- Trend Over Recent Years: The one-sheet includes a chart showing proceeds from 2018–2022, illustrating fluctuations in the market.
This data underscores the resilience of municipal bonds as a financing tool, even in volatile economic conditions.
Governmental Bonds in 2022: Focus on Public Projects
Governmental bonds dominated the market in 2022, accounting for the majority of issuances.
- Total Governmental Bonds: $337.6 billion, representing 73.9% of all municipal bonds.
- Long-Term Governmental Bonds: Totaled $313.0 billion, with $209.3 billion allocated to new projects and $103.7 billion used for refunding prior issues.
- Top Purposes for Long-Term Issuances: Primarily for “other purposes” (obligations where purpose isn’t specified or clear), education, utilities, transportation, and environment, totaling $296.9 billion—or 94.8% of long-term governmental bonds.
| Bond Purpose | Total Proceeds (Billions) | Percentage of Long-Term Issuances |
|---|---|---|
| Other Purposes [1] | (Included in top categories) | Part of 94.8% |
| Education | (Included in top categories) | Part of 94.8% |
| Utilities | (Included in top categories) | Part of 94.8% |
| Transportation | (Included in top categories) | Part of 94.8% |
| Environment | (Included in top categories) | Part of 94.8% |
[1] “Other purposes” refer to obligations for which a specific purpose either did not apply or was not clearly indicated on Form 8038-G.
These statistics highlight how governmental bonds prioritize community-enhancing projects, aligning with the tax-exempt benefits to encourage public investment.
Private Activity Bonds in 2022: Supporting Nonprofit and Essential Services
Private activity bonds, while smaller in volume, play a vital role in funding initiatives with public benefits.
- Total Private Activity Bonds: 2,555 tax-exempt bonds issued, generating $118.8 billion in proceeds.
- Long-Term Private Activity Bonds: Nearly $118.6 billion, with the majority directed toward nonprofit projects, residential rentals, hospital facilities, airports, and mortgages—totaling $105.3 billion.
| Bond Purpose | Total Proceeds (Billions) |
|---|---|
| Nonprofit Projects | (Included in top) |
| Residential Rentals | (Included in top) |
| Hospital Facilities | (Included in top) |
| Airports | (Included in top) |
| Mortgages | (Included in top) |
| Total for Select Purposes | $105.3 |
This category demonstrates how tax-exempt status extends to private-public partnerships, boosting sectors like healthcare and housing.
Why IRS Pub 5439 Matters for Investors and Policymakers?
Understanding the data in IRS Publication 5439 helps investors assess the municipal bond market’s health, identify trends in tax-exempt investments, and make informed decisions. For policymakers, it provides insights into how bonds are funding critical needs. The publication also directs users to more detailed SOI resources, including Excel tables on bond issuances by state, size, and purpose, available back to 1988 for some categories.
For deeper analysis, visit the IRS SOI Tax Stats page on tax-exempt bond statistics, which includes annual data tables, bulletin articles, and metadata.
Download IRS Pub 5439
To access the full one-sheet document, including charts on bond proceeds and purposes, download the PDF directly from the official IRS website: https://www.irs.gov/pub/irs-pdf/p5439.pdf. This ensures you have the most current revision (Rev. 1-2026).
Stay updated on municipal bonds and tax-exempt investments by checking IRS resources regularly. If you’re considering investing in munis, consult a financial advisor to understand how they fit your tax strategy.