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Simple English definitions for legal terms
TAB
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A quick definition of TAB:
Term: TAB
Definition: TAB is short for Tax-Anticipation Bill. This means that it is a type of loan that a government takes out in anticipation of receiving tax revenue. It helps the government to have money available to pay for things before they actually receive the tax money.
A more thorough explanation:
TAB
TAB is an abbreviation for Tax-Anticipation Bill. It is a short-term borrowing instrument that a government issues to finance its operations before the tax revenue is collected.
For example, a city government may issue TABs to pay for ongoing expenses such as salaries, utilities, and maintenance while waiting for tax revenue to come in. The TABs are usually repaid with the tax revenue collected.
Another example is a school district issuing TABs to fund a new building project. The TABs allow the district to start the project before the tax revenue is collected, and the TABs are repaid with the tax revenue collected.
The examples illustrate how TABs are used by governments to finance their operations or projects before the tax revenue is collected. TABs are a way for governments to bridge the gap between their expenses and revenue and ensure that they can continue to provide services or fund projects. TABs are a common financial instrument used by governments at all levels, from local to federal.