A bill to amend the Internal Revenue Code of 1954 to exclude from gross income the first $300 of interest received by individuals on certain savings deposits, and to exclude from gross income interest received by certain banking institutions from certain residential mortgages.

[AI summary unavailable — showing source text] Excludes from gross income under the Internal Revenue Code the interest received by an individual during the taxable year from specified savings institutions. Limits such exclusion to $300 or $600 for a joint return. Excludes from gross income the interest received by specified savings institutions during the taxable year from qualified mortgages.…