WASHINGTON — Larry Bowden, an executive at Little Rock-based Stephens Inc., has taken over as chairman of Bond Dealers of America as the group is recruiting muni market groups to form a new coalition that will lobby on tax-related issues, including threats to the tax-exempt status of municipal bonds.

Among those threats is a proposal in President Obama’s 2013 budget to cap at 28% the value of tax-exempt interest that high-income taxpayers can exclude from their taxable income.

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