New York's Metropolitan Transportation Authority could issue as much as $30 billion of bonds over five years under a new credit backed by a payroll tax, according to a proposal released yesterday by a state commission.

This proposal and others released in a report yesterday by the commission, headed by former MTA chairman Richard Ravitch require state legislative approval. The panel's report called for a 0.33% payroll tax on employers in the twelve New York counties served by the authority.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.