SAN ANTONIO — Government officials are sweating the risk that they will lose the tax-exemption for muni bonds, worrying that the market for tax-credit bonds — an alternative to tax-exempts posed by some members of Congress — won’t work as well.

During a panel discussion on muni “hot topics” held at the Government Finance Officers Association’s conference here, market participants said tax-credit bonds are inferior to tax-exempt bonds. Government officials agreed, saying that to ward off the tax-credit talk, GFOA members need to do a better job framing their argument in favor of municipals.

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