To amend the Internal Revenue Code of 1986 to disregard certain amounts of capital expenditures in applying $10,000,000 limit on such issues, and for other purposes.

Amends the Internal Revenue Code to disregard $10 million of capital expenditures in applying the $10 million limitation on the face amount of qualified small issue bonds. Excludes any qualified small issue bond from the limitation on use for land acquisition. Repeals the percentage limitation on directly related and ancillary facilities which may be financed by qualified small issue bonds. Changes the private activity bond volume cap State ceiling maximum amount.