A bill to repeal the denial of the use of the accelerated cost recovery system with respect to tax-exempt obligations, and the expiration of the authority to issue such obligations.

Amends the Tax Equity and Fiscal Responsibility Act of 1982 to repeal provisions which disallow the accelerated cost recovery deductions for property financed with tax-exempt industrial development bonds.

Repeals the 1986 expiration date for the authority to issue such tax-exempt obligations.