Municipal issuers could experience a significant jump in borrowing costs and reduced access to the market if congressional and administration proposals to curb or eliminate tax exemption are adopted, Standard & Poor’s said in a report released Monday.

The eight-page report, “Cutting Popular U.S. Tax Programs Could Harm Tax-Exempt Bond Issuers,” details the negative impact of tax reform proposals to reduce or eliminate the tax exemption for municipal bonds, the mortgage interest deduction, and state and local  property tax deductions.

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