Senators attempt to update bond law

Proposal would make new industries eligible

Akron Beacon Journal

Another sign of just how fast modern technology has sneaked up on us:

Language used by Congress in the 1970s and '80s to give manufacturers access to tax-exempt development bonds excludes industries that weren't even envisioned then, including fast-growing sectors of bioscience and advanced technology.

Sen. Sherrod Brown, D-Ohio, has joined three other senators in a bipartisan attempt to redefine industrial development bonds (IDBs) for the 21st century.

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