A bill to amend the Internal Revenue Code of 1954 to exclude from gross income the interest paid or accrued on a deposit or account in a bank or other savings institution to the extend that the amount of such interest does not exceed the amount of interest which would have been paid or accrued on such deposit or account if the rate of interest on such deposit or account had been the inflation rate.

[AI summary unavailable — showing source text] Excludes from gross income, under the Internal Revenue Code, the interest paid or accrued on a deposit or account in a bank or other savings institution to the extent that the amount of such interest does not exceed the amount of interest which would have been paid or accrued on such deposit or account if the rate of interest on such deposit or account had been the inflation rate.…