A bill to amend the Internal Revenue Code of 1954 to exclude from gross income the interest on deposits in certain savings institutions.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to exclude from gross income, interest income or dividends earned on a savings account in a bank, savings and loan association, or credit union. Limits the amount of such exclusion to $500 for a dependent of a taxpayer, $600 for a head of household, and $1,200 for individuals filing a joint return.…