A bill to amend the Internal Revenue Code of 1954 to exclude from gross income certain amounts of retirement benefits from public retirement systems.

[AI summary unavailable — showing source text] Excludes from gross income for income tax purposes under the Internal Revenue Code, retirement benefit amounts received from public retirement systems up to $5,000, less any amount received during the taxable year as a monthly benefit under title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act. (Amends 26 U.S.C. 124)…