Fair Competition in Tax-Exempt Financing Act of 1999

Fair Competition in Tax-Exempt Financing Act of 1999 - Amends Subpart A (Private Activity Bonds) of part IV (Tax Exemption Requirements for State and Local Bonds) of subchapter B (Computation of Taxable Income) of the Internal Revenue Code to prohibit the classification as a "private activity bond" of any bond from which more than the lesser of five percent of the proceeds or $1 million will be used to finance the construction, reconstruction, rehabilitation, or expansion of a "disqualified facility." Defines such a facility.