Association rules are among the most popular and widely used data mining techniques. Often, associations are sought between items forming a taxonomy. Patterns discovered between items from different levels of a taxonomy provide aggregated view over the data and allow to discover trends and regularities that are not apparent in the raw transactional data. Generalized association rule mining, i.e. mining in presence of a taxonomy of items, is an important augmentation to the original association rule mining framework. Unfortunately, currently available algorithms do not allow to efficiently discover generalized association rules. In this paper we present the state-of-the-art in generalized association rule mining. We describe the hierarchical bitmap index, an efficient physical structure optimized for set processing. Next, we modify the Prutax algorithm by incorporating the hierarchical bitmap index as the crucial internal structure, resulting in the advent of the PrutaxHBI algorithm. An experimental evaluation and comparison of the proposed solution with currently available algorithms clearly shows that the proposed algorithm outperforms current algorithms under all circumstances.