Congress Set to Limit Bush's Plan

Duff, Susanna
May 2003
Bond Buyer;5/7/2003, Vol. 344 Issue 31630, p1
Trade Publication
The House and Senate tax-writing committees on May 6, 2003 took initial steps toward enacting tax-cut packages that are expected to be less of a threat to the municipal bond market than the plans of U.S. President George W. Bush to exclude shareholder taxes on most dividends. The plan appeals to municipal market participants, who feared the President's proposal would create a disincentive for institutional investors because they could not include tax-exempt income received from municipal bonds in their excludable dividend accounts. Neither of the tax proposals includes financial aid to states or proposals being pushed by municipal participants to either allow a second advance refunding or ease arbitrage rebate restrictions on municipal bonds.


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