A bill to amend Subparagraph (I) of Section 103 (b) (6) of the Internal Revenue Code of 1954 and for other purposes.

Amends the Internal Revenue Code to increase the capital expenditure limit for certain small issues of bonds used in connection with urban development action grant programs for purposes of the tax exclusion of interest on such bonds. Amends the Revenue Act of 1978 to change the effective date for such increase.