A bill to amend the Internal Revenue Code of 1954 to increase the rate of the tax imposed on tax preferences from 10 percent to 14 percent, to reduce the amount of tax preferences exempt from such tax, and to treat interest on certain governmental obligations as an item of tax preference.

Increases the rate of the tax imposed, under the Internal Revenue Code, on tax preferences from 10 percent to 14 percent. Reduces from $30,000 to $10,000 the amount of tax preference exempt from such tax. Provides that the interest on governmental obligations excluded from gross income under the Internal Revenue Code shall be treated as an item of tax perference.