WASHINGTON -- The tax exemptions for mortgage revenue bonds and small-issue industrial development bonds are virtually certain to lapse tomorrow and will probably stay in limbo for several weeks after that, congressional aides and municipal lobbyists said Friday.

"It will be almost impossible to finish [legislation] before the Independence Day recess, and thus before expiration," said a congressional tax aide. This source and others predicted the exemptions would expire on schedule tomorrow and not be renewed at least until late July or August.

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