A bill to amend the Internal Revenue Code of 1954 to provide holders of certain governmental obligations a taxable bond option and credit.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to permit an individual who holds government bonds an election to include interest earned from such bonds in his gross income. Allows such individual a nonrefundable (refundable, in the case of tax-exempt charitable and educational organizations and pension and profit-sharing trusts) income tax credit equal to 67 percent of the interest earned on such bonds for a taxable year.…