A bill to amend section 103 of the Internal Revenue Code of 1954 to provide that the interest on certain mortgage revenue bonds will not be exempt from Federal income tax.

Amends the Internal Revenue Code to include in gross income the interest on any mortgage revenue bonds which are unsecured by any Federal, State, or local obligations. Excepts from such inclusion interest on any mortgage revenue bond issued as part of a bond issue substantially all of the proceeds of which are to be used in any State or local government housing, redevelopment, or renewal program with respect to which the bond issuer makes a program contribution equal to at least five percent of the aggregate authorized face amount of such issue. Defines the kinds of payments covered by the term "program contribution".