A bill to amend the Internal Revenue Code of 1954 to exclude $500 of interest on savings from the gross income of each individual who has attained age 65.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow individual taxpayers who have attained age 65 an income tax exclusion for up to $500 ($1,000 for joint returns) of the interest income received by the taxpayer during the taxable year on deposits or accounts in a bank, mutual savings bank, or credit union.…