Municipal Taxable Bond Alternative Act

[AI summary unavailable — showing source text] Municipal Taxable Bond Alternative Act - Amends the Internal Revenue Code to allow a State, a possession of the United States, any political subdivision of any of the following, or the District of Columbia, to elect to issue taxable obligations, the interest of which will be included in the gross income of the recipient. Directs the Secretary of the Treasury to pay without condition or requirement 35 percent of the interest yield on each obligation for which the election of taxability has been made. Makes technical and conforming amendments.…