WASHINGTON — If the tax exemption for municipal bonds had been repealed in 2012, it would have killed as many as 892,000 jobs and eliminated as much as $46.9 billion of labor income and $71 billion annually in gross domestic product, according to a U.S. Conference of Mayors report.

The USCM, convening in Las Vegas at their 81st annual conference, published the 16-page report, "U.S. Metro Economies: Job Impact of Proposals to Limit the Municipal Bond Market," Monday as they concluded their meeting. The report was prepared by IHS Global Insight for the USCM and the National League of Cities.

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