WASHINGTON - The Bush administration's $3.1 trillion budget request for fiscal 2009 contains only a few bond-related tax proposals, including one to allow mortgage revenue bonds to be used to refinance subprime loans and another to eliminate the private-activity bond volume cap for water and sewer bonds for issuers that implement "full cost pricing."

The request for the new fiscal year, which starts Oct. 1 and is likely to have limited impact with voters set to elect a new president in November, also proposes temporary relief for individuals from the effects of the alternative minimum tax, a restructuring of the tax benefits given to New York City in the wake of the Sept. 11, 2001 terrorist attacks, and an expansion of tax-free savings plans.

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