A bill to amend the Internal Revenue Code of 1954 to provide that the 10,000,000 dollar exclusion of capital expenditures where there is an urban development action grant shall apply whether the grant was made before or after the issuance of bonds.

Amends the Internal Revenue Code to provide that for purposes of the small issue industrial development bonds tax exemption, the $10,000,000 exclusion of capital expenditures where there is an urban development action grant shall apply whether the grant was made before or after the issuance of bonds.