The Business Council of New York is punhing to tax some investors' municipal bond interest as an alternative to the petroleum business tax included in the state's fiscal 1992 budget.

The tax proposal is part of a three-part revenue package offered by the council, a trade association representing businesses and industry. The alternative minimum tax, the group claims, would generate about $150 million in revenues in fiscal 1992. The revenue package, however, has not been introduced by any members of the state Legislature.

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