A bill to extend the period during which certain property is required to be placed in service to qualify for transition relief under section 203 of the Tax Reform Act of 1986 and to extend the period during which certain bonds may be issued under section 1317 of the Tax Reform Act of 1986.

Applies the Tax Reform Act of 1986 to extend from January 1, 1991, to January 1, 1995, the period during which certain urban renovation projects must be placed in service to qualify for depreciation transition relief.

Sets forth qualifications for such property regarding Federal approval and funding.

Extends from December 31, 1990, until December 31, 1994, the period for issuing tax-exempt bonds for certain redevelopment projects or certain parking facilities.