A bill to amend the Internal Revenue Code of 1954 to exclude from the gross income of individuals who have attained the age of 62 $3,000 of interest received during any taxable year.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow an individual who has attained the age of 62 before the close of the taxable year to exclude up to $3,000 of interest which would otherwise be includible in gross income. Reduces the amount of interest which may be excluded by one-half of the excess of the taxpayer's adjusted gross income over $5,500.…