A bill to amend the Internal Revenue Code of 1954 to permit an exemption of the first $5,000 of retirement income received by a taxpayer under a public retirement system or any other system if the taxpayer is at least 65 years of age.

[AI summary unavailable — showing source text] Revises the Internal Revenue Code by excluding from gross income (1) any amounts received by an individual in the taxable year as a pension, annuity, or other benefit under a public retirement system, or (2) any amounts received by an individual who is age 65 or over as a pension, annuity, or other retirement benefit under any other retirement plan, program, or system, to the extent that the aggregate of such amounts does not exceed $5,000.…