A bill to amend the Internal Revenue Code of 1986 to provide for tax-exempt bond financing for storage tanks used in conencting with a Regional Petroleum Reserve.

Amends the Internal Revenue Code to allow tax-exempt bond financing for storage tank facilities used to store oil or petroleum products in connection with a Regional Petroleum Reserve. Requires the owner of such facility to irrevocably elect not to claim a deduction for depreciation or for an accelerated cost recovery system or a tax credit. Exempts such facilities from the volume cap on private activity bonds and from the limitations on the use of bond proceeds for land acquisition.