To amend the Internal Revenue Code of 1986 to provide a partial exclusion from gross income of certain retirement benefits received by taxpayers who have attained age 65.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to exclude from gross income any annuities, pensions, or other retirement benefits received by an individual or married couple aged 65 or older to the extent the aggregate amount (excluding social security and railroad retirement benefits) is $10,000 or less.…