A bill to amend the Internal Revenue Code of 1954 to increase the credit against tax for retirement income.

[AI summary unavailable — showing source text] Allows as a credit against taxes imposed under the Internal Revenue Code an amount equal to 15 percent of the initial amount of an individual's retirement income for the taxable year. States that such initial amount shall be: (1) $2,500 in the case of a single individual; (2) $2,500 in the case of a joint return where only one spouse is eligible for the credit; (3) $3,750 in the case of a joint return where both spouses are eligible for the credit; or (4) $1,875 in the case of a married individual filing a separate return. Reduces the initial amounts by the amount of any pension or annuity received during the taxable year which is excluded from gross income under the Internal Revenue Code.…