A bill to amend the Deficit Reduction Act of 1984 to provide that an amendment made by such Act relating to Federal guarantees of industrial development bonds shall not apply to obligations issued for certain solid waste disposal facilities for which substantial sums and effort have already been expended.

Amends the Deficit Reduction Act of 1984 to exclude from gross income for Federal income tax purposes the interest on any federally-guaranteed obligation issued to finance a solid waste disposal facility (to the extent that the aggregate of the face amounts of such obligations does not exceed a specified amount) if a State public authority has committed facility development funds, expended such funds, and issued the obligation by specified dates.