A bill to amend the Small Business Investment Act to provide for the issuance of tax exempt bonds for pollution control purposes.

Amends the Small Business Investment Act of 1958 to provide that with respect to the payment guarantee program for small business pollution control facilities, it is congressional policy that such payment guarantees would not cause the interest on bonds used to finance such facilities to be included in the gross income of the bondholders.

Prohibits the Small Business Administration (SBA) from declining to issue payment guarantees for small business pollution control facilities or property, subject only to the existence of qualified guarantee applications from eligible small businesses. (Currently, payment guarantees for pollution control facilities or property may be issued when such property is acquired with the proceeds from tax-exempt industrial revenue bonds.)

Amends the Small Business Act to specify the minimum amount of payment guarantees for pollution control facilities into which the SBA must enter for each of FY 1982, 1983, and 1984.