WASHINGTON -- Municipal bond insurers would be exempt from a proposed tax on commercial insurance companies under Superfund legislation that was approved by the Senate Finance Committee yesterday.

The committee, which approved the bill on a voice vote, took the step two weeks after the Treasury Department urged the panel not to subject insurers of state and local debt to a proposed far-reaching new tax on insurance companies, including municipal bond insurers, that was approved by the House Ways and Means Committee on Aug. 19.

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