S 1139 · 96th Congress · Taxation

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

Introduced 1979-05-15· Sponsored by Sen. Domenici, Pete V. [R-NM]· Senate

Bill Progress

✓
Introduced
2
Committee
3
Senate Vote
4
House
5
Enacted
Latest: Referred to Senate Committee on Finance.(1979-05-15)

Plain Language Summary

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to exclude from gross income interest earned on a savings account to the extent that the rate of inflation for the calendar year exceeds the current rate of interest on a maximum account of $4,000. Limits such tax exclusion to $100.…

Summarized by Claude AI · Non-partisan · For informational purposes only