A resolution to express the sense of the Senate to protect the public and private financing of infrastructure by retaining the current treatment of such financing through tax-exempt bonds, depreciation of recovery property, and regular tax credit for investment in depreciable property.

Expresses the sense of the Senate, and instructs its committees and conferees, that the Senate: (1) will not approve any provisions relating to tax-exempt bonds in H.R. 3838 or similar legislation that will adversely affect the ability of States and their political subdivisions to finance infrastructure needs; (2) will retain incentives in the capital formation provisions of any tax reform legislation to encourage private investment in public infrastructure; and (3) will not approve any tax reform provisions that would adversely affect the tax-exempt status of bonds or other obligations of the States or their political subdivisions which comply with current law and which are issued prior to either January 1, 1987, or any later date provided in enacted law.