A bill to amend the Internal Revenue Code of 1954 to provide that the 1,000,000 dollars small issue exemption from treatment as industrial development bonds shall be increased to $20,000,000 for issues for certain investments in areas of chronic unemployment and to $10,000,000 for all other issues and to provide that the capital expenditure limitation shall apply to all such small issues.

Amends the Internal Revenue Code to increase the amount of industrial development bonds which qualify as a small issue from $1,000,000 to $10,000,000 for purposes of the tax exemption for such issues. Increases such amount to $20,000,000 if the proceeds from such bonds are used to buy, construct, or improve industrial property located in areas of chronic unemployment. Applies capital expenditure rules to all such issues.