WASHINGTON -- The tax simplification legislation introduced last week is more generous to tax-exempt bonds than industry officials had expected, lobbyists and lawyers say.

Sources say the legislation, which contains several provisions that simplify transactions and ease the arbitrage rebate requirements for small issuers, does not measure up to what the bond community had wanted because it contains only a few of the simplification suggestions made last year by Rep. Beryl Anthony, D-Ark., and by the staffs of the House Ways and Means Committee and the Joint Tax Committee.

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