A bill to amend the Internal Revenue Code of 1954 to exclude from gross income the first $5,000 of interest received on certain saving deposits in the case of individuals over 65 years of age.

[AI summary unavailable — showing source text] Allows an individual who has attained the age of 65 before the close of the taxable year to exclude up to $5,000 of interest received on savings from gross income under the Internal Revenue Code. Reduces the $5,000 limitation by so much of the adjusted gross income as exceeds $10,000. Requires married taxpayers to file a joint return to be eligible for the tax exclusion.…