A bill to amend the Internal Revenue Code of 1954 to provide for the partial exclusion of interest from gross income.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to exclude from gross income amounts received as interest or dividends on a time or demand deposit with a commercial bank, a savings and loan association, or a credit union. Limits the amount of such exclusion to $2,500 in the case of a single individual who has attained age 60, $5,000 for married individuals filing joint returns where at least one of the married individuals has attained age 60, $1,000 for other single individuals, and $2,000 for other married individuals filing joint returns. Reduces the amount of the allowable exclusion by one-half of the amount by which the adjusted gross income of a single taxpayer under age 60 exceeds $20,000 ($40,000 for married individuals under age 60 who file jointly).…