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 up to $4,000 ($8,000 in the case of married couples filing jointly) of the interest income earned on savings accounts in a bank, savings and loan association, or a credit union. Provides that the $4,000 limitation shall be phased-in between taxable years beginning in 1980 and taxable years beginning in 1983. Disqualifies interest earned by estates and trusts from the tax exclusion.…