WASHINGTON -- The tax exemption for small-issue industrial development bonds is a useful incentive for economic growth, particularly in states hit hard by the recession, and should be given a long-term extension, a study by a congressional caucus asserts.

"Tax-exempt IDBs have proven valuable to state and local economic recovery and growth efforts, and their availability should be extended," states a report by the Northeast-Midwest Institute, the research arm of the Northeast-Midwest Congressional Coalition. The report, titled "Industrial Development Bonds: Maintaining an Incentive for Regional Recovery," was released last month.

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