We investigate tax incidence reflected in the pricing of syndicated loans and argue that loan spread increases in bank income taxes of borrowers’ home states. We compare borrowers in states with differing bank tax rates and demonstrate the presence of tax incidence on borrowers with causality coming from bank taxes. Tax incidence on borrowers increases with local loan market concentration and pre-existing lending relationships. Further, a lack of tax deductibility of loan loss provisions enhances tax incidence. We conclude that bank income taxation, though specifically targeted at banks, is partially passed through to borrowers and increases their cost of debt.

我们调查了反映在银团贷款定价中的税收归宿，并认为贷款利差会增加借款人所在州的银行所得税。我们比较了银行税率不同的州的借款人，并证明了借款人的税收归宿与银行税收的因果关系。借款人的税收负担随着当地贷款市场的集中和预先存在的贷款关系而增加。此外，贷款损失准备金缺乏税收减免增加了税收负担。我们得出结论，尽管银行所得税是专门针对银行的，但部分转嫁给借款人并增加了他们的债务成本。