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Stealth Tax Subsidy for Business Costs Government Billions 05 Mar 2013 The ability to finance a variety of business projects cheaply with bonds that are exempt from federal taxes -- has not only endured, it has grown, in what amounts to a stealth subsidy for private enterprise. The Barclays Center in Brooklyn, the offices of the Goldman Sachs Group and the Bank of America Tower in New York -- these projects, and many more, have been built using the tax-exempt bonds that are more conventionally used by cities and states to pay for roads, bridges and schools. In all, more than $65 billion of these bonds have been issued by state and local governments on behalf of corporations since 2003, according to an analysis of Bloomberg bond data by The New York Times. During that period, the single biggest beneficiary of such securities was the Chevron Corporation, which issued bonds with a total face value of $2.6 billion, the analysis showed.