A bill to amend the Internal Revenue Code of 1986 to exclude research facility bonds from the volume cap for qualified 501(c)(3) bonds.

Amends the Internal Revenue Code to exclude research facility bonds from the $150,000,000 limitation applicable to 501(c)(3) bonds (tax-exempt private activity bonds at least 95 percent of whose net proceeds are to be used only by a governmental unit or by a nonprofit charitable, religious, cultural, scientific, or educational entity (a 501(c) (3) organization)). Applies the exclusion to any bond issued as part of an issue 95 percent of whose proceeds will be used: (1) with respect to a research facility; or (2) to provide research equipment.