A bill to amend section 103(c) of the Internal Revenue Code of 1954 to increase the exemption from the industrial development bond provisions for certain small issues.

Extends the exemption from income tax for industrial development bonds up to $5,000,000 (and up to $10,000,000 at the election of the issuer and with the approval of the Secretary of the Treasury) for those bonds which are used for acquisition, construction, reconstruction, or improvement of land or property which is subject to the depreciation allowance under the Internal Revenue Code.