A concurrent resolution to express the sense of the Congress that any tax reform provisions relating to tax-exempt municipal bonds take effect no earlier than January 1, 1987.

Expresses the sense of the Congress, and instructs its committees and conferees, that the Congress will not approve any provisions in H.R. 3838 or in similar legislation that would adversely affect the tax-exempt status of the bonds or other obligations of the States or their political subdivisions and instrumentalities which comply with current law and which are issued prior to: (1) January 1, 1987; or (2) any later date provided in enacted law.