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The taxable municipal bond market is a relatively new space, one that really only developed following the Tax Reform Act of 1986. That law eliminated the ability for issuers to sell tax-exempt bonds for specific purposes. Taxable munis remained very small until the Build America Bonds ("BABs") program came into being. These bonds began to appear in 2009 and rose to approximately 35% of the total muni market in 2010. Over $180B was issued before the program ended in 2010.