A bill to provide a program for an "Operation Bootstrap" for the American Indian in order to create meaningful jobs and to improve conditions among Indians and non-Indians on reservations and in other communities, and for other purposes.

States as the purposes of this Act: (1) the promotion of industrial development and economic advancement within Indian communities through self-government and self-determination; (2) the authorization of tribal action designed to attract and retain private industry in Indian communities; and (3) the promotion of gainful employment of Indians.

Declares that none of the provisions of this Act shall apply with respect to any tribe until the qualified resident voters of the tribe have voted to accept its provisions in a referendum.

Directs the Secretary of the Interior to draft an optional model tribal business corporation act embodying the provisions and purposes of this Act for circulation to each tribe. Provides that each tribe may adopt such corporation act as part of its laws under standard election procedures, and after such adoption, the tribe shall be considered a body corporate with the powers prescribed in this Act.

States that such a tribe has the authority to acquire and dispose of real and personal property without the approval of the Secretary of the Interior. Continues all lawful debts of the tribe.

Authorizes Indian Tribes to: (1) use tribal money to attract new and retain other private industries which will employ at least 50 people on the reservation; (2) contract with private industry and with Federal, State and local governments; and (3) extend to private industry a waiver of tribal taxes for 15 years.

Gives the Secretary a veto power over any per capita distribution of the tribe, but requires him to give reasons for such a veto.

States that any entity which establishes a new or retains a qualified private industry on a reservation occupied by a tribe shall qualify for the tax incentives provided by this Act if that entity employs a work force one-half of which are Indians.

Provides that a qualified entity shall be exempt from taxation upon income attributable to the operation of a qualified private industry for a period of ten years after setting up that industry. States that the basis of the property acquired as an investment shall be either the fair market value of that property after the tenth year of operation or its cost, whichever is higher. Allows the depreciation deduction to be computed at a rate of 20 percent after the tenth year for such property. Grants a tax deduction to such a qualified entity for every Indian who received welfare before becoming employed by such entity, in the amount of five times the amount of the welfare payment received by the Indian immediately before employment. Postpones this deduction until ten years after the industry is formed.

Requires the Secretary to provide adult education and vocational training on a priority basis. Authorizes the Secretary to lease any surplus Federal lands under his jurisdiction. Authorizes the Secretary to lend Federal funds for the construction of buildings for qualifying and qualified investors.