A bill to amend the Internal Revenue Code of 1954 to repeal certain limitations on industrial development bonds.

Amends the Internal Revenue Code to remove restrictions for the tax exclusion of interest on bonds for certain irrigation dams and for qualified steam- generating or alcohol producing facilities. Repeals requirements relating to: (1) the registration and guarantee of bonds under an energy program; (2) public approval of industrial development bonds; and (3) information reporting requirements for certain bonds.