WASHINGTON - President Bush and Sen. Lloyd Bentsen are proposing major liberalizations of the limits on the bank-eligible municipal bonds as part of their separate urban aid bills.

The Bush administration and the Texas Democrat, according to proposals released yesterday, would significantly ease one of the major tax-exempt bond provisions of the Tax Reform Act of 1986. Both proposals would permit banks to deduct 80% of the cost of the purchasing and carrying a new kind of private-activity bond that could be sold by any size issuer in enterprise zones.

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