Tax Anticipation Notes - TAN

Short-term debt securities issued in anticipation of future tax collections.

Investopedia Says:
TANs are generally issued by state and municipal governments to provide immediate funding for a capital expenditure, such as highway construction.

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Short-term note issued by states and municipalities to finance current operations, with repayment from anticipated tax receipts. Also called a tax anticipation warrant. These notes are issued at a discount, have maturities of a year or less, and mature either at a specific future date or when property and other taxes are collected. Tax anticipation notes hold first claim on tax receipts when collected. See also Revenue Anticipation Note.