A discussion draft of a new bill unveiled yesterday by House Ways and Means Committee chairman Sander Levin, D-Mich., would allow state and local governments to issue tax-exempt private-activity bonds to finance energy improvements to residential homes and would authorize more than $5 billion for new renewable energy bonds.

The bill would not extend Build America Bonds, but sources said Levin is expected to introduce other legislation containing such a ­provision.

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