WASHINGTON - State and local governments need prompt guidance from the Treasury Department before they can issue the new taxable Build America or Recovery Zone bonds for cash subsidies or investor tax credits, market participants said last week.

The need for the quick guidance is exacerbated by the fact that most muni issuers would be entering uncharted territory in the taxable market, and the economic stimulus law that authorizes the new bond programs provides only a 24-month window to take advantage of them.

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