A bill to amend the Internal Revenue Code of 1954 to provide that the 1,000,000 dollars small issue exemption from treatment as industrial development bonds shall be increased to $20,000,000 for issues for certain investments in areas of chronic unemployment and to $10,000,000 for all other issues and to provide that the capital expenditure limitation shall apply to all such small issues.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to increase the amount of industrial development bonds which qualify as a small issue from $1,000,000 to $10,000,000 for purposes of the tax exemption for such issues. Increases such amount to $20,000,000 if the proceeds from such bonds are used to buy, construct, or improve industrial property located in areas of chronic unemployment. Applies capital expenditure rules to all such issues.…