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

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to exclude from the gross income of individuals who have attained age 65 up to $5,000 of interest income earned on a savings account. Reduces the amount excluded by so much of the taxpayer's adjusted gross income as exceeds $10,000.…