BondtallyKnow if your bonds owe arbitrage rebate, before the 60-day clock runs out.
Enter a bond issue and its fund activity. Bondtally tests the spending exceptions, finds the computation and payment dates and computes any rebate, with the Form 8038-T worksheet. Free check in your browser.
Enter a tax-exempt bond issue and its fund activity. Bondtally tests the 6-month, 18-month and 2-year spending exceptions and the small issuer exception, lists every computation date with its 60-day payment date, computes the rebate amount the way 26 CFR 1.148-3 does and fills the Form 8038-T worksheet. Your investment records stay in your browser.
From $474$790 a year for all of an issuer's bonds with FOUNDING40 until 30 Nov (regular $790) · one payment · card or purchase order
Founding price $474 instead of $790 for 12 months, one payment, no auto-renewal: FOUNDING40 is applied automatically at checkout until 30 Nov 2026.
- Runs 100% in your browser
- 25/25 IRS examples and published figures
- Reproduces 26 CFR 1.148-3 Example 1 ($452,432)
- Form 8038-T worksheet
- Records stay on your PCBond and investment data are computed in the browser, never uploaded.
- Paddle is the sellerPaddle.com is merchant of record: invoice, tax, receipts.
- 14-day refundFull refund if it does not work for your bonds.
- Support by emailsupport@atesensoftware.com, same business day.
- Built on the rule textIRC 148(f), 26 CFR 1.148-3, 1.148-4, 1.148-7, cited in every report.
Why now
Bonds sold at 2% in 2021–2022 have been earning 4–5% since 2023. Their first 5-year computation dates start now.
Every tax-exempt issue computes its arbitrage rebate at least once every five years and when it is retired, and pays at least 90% of a positive rebate amount within 60 days with Form 8038-T (26 CFR 1.148-3(e)–(g)). A required payment that is not made can make the bonds taxable arbitrage bonds unless the issuer pays a penalty of 50% of the unpaid amount plus interest (1.148-3(h)). In Texas alone, 1,515 local issues (43.6 billion) from 1,020 issuers reach their first 5-year computation date between November 2026 and October 2027.
181 Texas local bond issues reach their first 5-year rebate computation date; payment is due 60 days later.
201 Texas local bond issues reach their first 5-year rebate computation date; payment is due 60 days later.
49 Texas local bond issues reach their first 5-year rebate computation date; payment is due 60 days later.
129 Texas local bond issues reach their first 5-year rebate computation date; payment is due 60 days later.
109 Texas local bond issues reach their first 5-year rebate computation date; payment is due 60 days later.
Sources: 26 CFR 1.148-3 (eCFR, in force 1 October 2026); Texas Bond Review Board, Local Issuance Fee By Year (data.texas.gov 9gzb-2s7j), issues closed 1 Nov 2021 – 31 Oct 2022 with bond years ending on the closing anniversary; Squire Patton Boggs, "Is your five-year rebate analysis due?" (September 2026); Forvis Mazars, "Arbitrage rebate: why the risk is greater today" (October 2026). Read 30 October 2026.
How it works
Three steps, about ten minutes per issue.
Describe the issue
Issue date, issue price and the arbitrage yield from your Form 8038-G (or the debt service schedule, and Bondtally computes the yield). Tick refunding, construction issue and the small issuer facts.
Add the fund activity
Drop the trustee or investment statements as a spreadsheet (date, fund, type, amount) or type the lines: deposits of proceeds, project draws, and each fund's value on the computation date.
Read the answer, keep the file
Which exception is met, every computation and payment date, the rebate amount and the payment due. Then download the report, the Form 8038-T worksheet, the workbook and the calendar.
What it checks
The rebate rules of IRC 148(f), one by one.
- Spending exceptions: 6-month (with the 5% one-year rule for governmental issues), 18-month (15% / 60% / 100%) and 2-year construction (10% / 45% / 75% / 100%), each period from the issue date, with reasonable retainage and the de minimis rule (lesser of 3% of the issue price or $250,000) (26 CFR 1.148-7).
- Small issuer exception: general taxing powers, no private activity bonds, 95% local use, and no more than $5 million issued that calendar year plus up to $10 million for public school construction (IRC 148(f)(4)(D)).
- Bona fide debt service fund: earnings left out under $100,000 a bond year, with average annual debt service of $2.5 million or less, or for a governmental fixed-rate issue with a 5-year average maturity (IRC 148(f)(4)(A), 1.148-3(k)). Reserve funds stay in.
- Computation and payment dates: the end of every 5th bond year (installment, 90%) and the final computation date (100%), each with the 60th day and the next weekday when it falls on a weekend (1.148-3(e), (g)).
- Rebate amount: every receipt and payment of the counted funds carried to the computation date at the bond yield, semiannual, 30/360, less the computation credits; earlier payments carried forward (1.148-3(b)–(d), (f)).
- Bond yield: from the debt service schedule and the issue price if you do not have the Form 8038-G figure (1.148-4).
- What it does not do: yield restriction, variable-yield issues, transferred proceeds of refundings, qualified hedges, guaranteed investment contracts and penalty in lieu of rebate. These are flagged for your rebate analyst.
The rules in detail: Is your 5-year arbitrage rebate computation due? Bonds issued in 2021–2022.
What you get
Real output from the made-up Example County sample.
A $12,000,000 Texas general obligation issue of Dec 9, 2021 with a 2.1843% yield. The project fund spent slowly while it earned 4–5% from 2023, so no spending exception is met. Rebate amount as of Dec 9, 2026: $418,476; payment due by Feb 8, 2027: $376,628 (90%). Computed by the same engine the app uses.
| Exception | Required | Spent | Result |
|---|---|---|---|
| 6-month | 100% by 2022-06-08 | 7.5% | Not met |
| 18-month | 15% by 2022-06-08 60% by 2022-12-08 100% by 2023-06-08 | 7.5% 14.4% 29.4% | Not met |
| 2-year (construction) | 10% by 2022-06-08 45% by 2022-12-08 75% by 2023-06-08 100% by 2023-12-08 | 7.5% 14.4% 29.4% 36.9% | Not met |
| Small issuer | $5,000,000 or less in 2021 | $12,000,000 issued | Not met |
Compared
Know the answer before you pay for a rebate report.
| Bondtally | Rebate consultant | Spreadsheet | |
|---|---|---|---|
| Spending exceptions and small issuer | Tested, with each period | Yes | You build the tests |
| Rebate amount and payment due | Computed, checked against the IRS examples | Yes | You build the model |
| Every issue's dates in one calendar | Yes, Texas issues preloaded | Per engagement | No |
| Yield restriction, variable rate, refundings | Flagged for an analyst | Yes | You |
| Price seen in public records | $474 founding ($790 regular)$790 a year, all of one issuer's bonds | $1,500 plus $500 a year; $15,000 per bond report | Free, plus staff hours |
Sources read on 30 Oct 2026: Callahan County, TX commissioners court, rebate compliance engagement, 31 March 2026 ($1,500 initial report and $500 a year); Santa Fe County, NM, RFP 2026-0158 Addendum No. 1, 29 January 2026 ("$15,000 per bond report"). Bondtally does not file anything and is not tax or legal advice.
Pricing
One payment, 12 months, unlimited checks. No subscription.
Check any issue free: the exceptions, every date, the rebate amount and the payment due show on screen. Buy when you want the report, the Form 8038-T worksheet, the workbook and the calendar for your own bonds. Prices in USD; Paddle adds sales tax or VAT where it applies and shows the total before you pay.
Issuer
- 1 issuer, all of its bond issues
- Unlimited checks for 12 months
- Report, Form 8038-T worksheet, workbook, calendar
- Portfolio of every issue's dates
Finance office
- Up to 10 issuers
- A county and its districts, a city and its authorities
- Everything in Issuer
Advisor
- Unlimited client issuers
- Municipal advisors, CPA firms, rebate analysts, bond counsel
- Your firm's name on every report
- Everything in Finance office
FOUNDING40 (40% off the first payment, until 30 Nov 2026) is applied automatically in the Paddle checkout. Your license key appears on screen right after payment with a Copy button: paste it on any computer your team uses. Lost it? Reply to your Paddle receipt and we resend it the same business day. Your invoice comes from Paddle.com, our reseller and Merchant of Record.
- Paying: Paddle.com is the merchant of record: card or purchasing card, charged in USD, invoice and receipt from Paddle, sales tax handled by Paddle.
- Purchase order: email your PO made out to Paddle.com Inc. to support@atesensoftware.com and we send a Paddle invoice (net 30) the same business day. PO, W-9 and vendor details
- Below the limits: every plan costs less than the federal micro-purchase threshold of $15,000.
- Data: bond and investment data are computed in your browser and never sent to us.
- Not tax advice: the report gives you and your bond counsel the computation; the payment decision is yours.
FAQ
Questions finance officers and advisors ask
Is Bondtally from the IRS?
No. It is independent software that applies the published rules (IRC 148(f); 26 CFR 1.148-3, 1.148-4 and 1.148-7) to what you enter. Every time it opens it reproduces 25 worked examples and published figures, including 26 CFR 1.148-3(j) Example 1 (rebate amount $452,432, installment $407,189, final payment $89,024) and the yields of 1.148-4 Examples 1 and 2: 25/25 today.
Do you receive our investment records?
No. The issue details and the cash flows are read and computed in your browser tab; nothing is uploaded. Load the page, switch off your network and it still works. Our server only handles licensing and anonymous daily visit totals.
Which bond issues does it cover?
Fixed-yield issues and the funds you enter: project or construction, capitalized interest, cost of issuance, reserve and debt service funds. It flags, but does not compute, yield restriction, variable-yield issues, transferred proceeds of refundings, qualified hedges and guaranteed investment contracts: use a rebate analyst for those.
No rebate is due. Do we file Form 8038-T?
Form 8038-T accompanies a payment; when the rebate amount is zero or negative, no payment is made. Keep the computation (the report) with the bond records. Published rebate reports say the same, for example "no IRS Form 8038-T filing is required at this time".
Where does the computation credit amount come from?
26 CFR 1.148-3(d) gives $1,400 for a bond year ending in 2007, indexed after that. Bondtally uses the amounts printed in published rebate reports ($1,830 for 2022, $1,960 for 2023, $2,070 for 2024, $2,120 for 2025, $2,170 for 2026), marks any year it has to estimate, and lets you enter your own figure.
We are a municipal advisor or a CPA firm.
The Advisor license covers unlimited client issuers for 12 months and puts your firm's name on every report. See Bondtally for advisors.
What if it does not work for our bonds?
Run the free check first: every result shows on screen. If you buy and it still does not work for you, ask within 14 days for a full refund.
Does the license renew automatically?
No. Each license is one payment for 12 months. Nothing renews or charges again.
Who makes Bondtally?
Atesen Software, an independent software maker run by Samet Ateşen in Sakarya, Türkiye. It builds tools that apply published rules to official data, such as Bidtally for E-rate bid evaluations and Airtally for FCC license renewals. Paddle.com handles payment, invoices and tax as merchant of record; support is by email at support@atesensoftware.com, answered the same business day.
Find out before the computation date.
Free check of any issue. Files from $790. Founding offer: $474 with FOUNDING40 until 30 Nov.