WASHINGTON — Lawmakers on Tuesday moved forward with two legislative efforts to overhaul the U.S. tax code, which would either halt, or threaten, tax-exemption for new muni bonds.
The two tax reform packages, one unveiled as a bill in the Senate and the other as part of a draft fiscal 2012 budget resolution in the House, illustrate there may be growing interest in foregoing tax-exempt interest on new municipal bonds in favor of more efficient alternatives to subsidize state and local debt.
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