A bill to exclude from gross income the first $500 of interest received from savings account deposits in lending institutions.

[AI summary unavailable — showing source text] Provides, under the Internal Revenue Code, that gross income does not include amounts received by, or credited to the account of, a taxpayer as dividends or interest on savings deposits or withdrawable savings accounts in lending institutions. Provides that such tax exclusion shall in the aggregate not exceed $500 for any taxable year. (Amends 26 U.S.C. 123, 124)…