Peroxycarboxylic acid compositions having reduced hydrogen peroxide content are generated according to the invention, having enhanced antimicrobial efficacy. Simultaneously, a stable hydrogen peroxide and active oxygen coordinating compound complex is generated and has utility as a recycled bleaching component. In particular, methods of using an active oxygen coordinating compound to selectively and non-destructively remove hydrogen peroxide are provided. Preferred active oxygen coordinating compounds suitable for use with the peroxycarboxylic acid compositions include nitrogen-containing compounds, preferably urea, urea copolymers and/or derivatives, PVP, PVP copolymers and/or derivatives, and/or inorganic carbonates.