A resolution to express the sense of the House of Representatives on the need to reject any tax reform proposal which would remove the tax exempt status of private purpose state and local bond obligations.

Expresses the sense of the House of Representatives that no legislation should be enacted which would limit the ability of State and local governments to issue tax-exempt obligations for public purposes, tax the interest on such obligations, or eliminate further the ability of financial institutions to deduct the costs of purchasing or carrying such obligations.