Washington -- The House Ways and Means Committee formally approved an urban aid tax package yesterday that would ease curbs on municipal bonds in enterprise zones and permanently extend the tax exemptions for mortagage revenue bonds and small-issue industrial development bonds.

The panel had given preliminary approval to the bond extensions and the enterprise zone plan on Wednesday. In wrapping up its work yesterday, the committee also approved tax simplification provisions, such as raising the $5 million small-issuer exemption from the arbitage rebate requirement to $10 million and eliminating the so-called 5% unrelated-use test.

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