Scientific Facilities Financing Act of 1985

Scientific Facilities Financing Act of 1985 - Amends the Internal Revenue Code to provide that gross income does not include interest on qualified scientific facilities and equipment bonds. Defines "qualified scientific facilities and equipment bonds" as obligations issued by tax-exempt entities organized and operated exclusively for scientific and educational purposes where substantially all the proceeds are to be used to finance scientific facilities or equipment for the benefit of an institution of higher education.