A bill to repeal the changes made by the Tax Reform Act of 1976 in the limitations on the deduction for interest on investment indebtedness.

Amends the Internal Revenue Code with respect to investment indebtedness to: (1) repeal the provision of the Tax Reform Act of 1976 which limits the interest deduction to $10,000 ($5,000, in the case of a separate return by a married individual): and (2) restore the former Code provision which limited the interest deduction to $25,000 ($12,500 in the case of a separate return by a married individual).