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 a taxpayer's gross income interest or dividends on savings deposits or withdrawable savings accounts from a bank, a savings institution, or a credit union insured under a Federal or State law. Limits such exclusion to a maximum of $150. Includes the amount of any interest or dividends so excluded from gross income in the distributable net income of estates and trusts. Requires a partner in a partnership to take into account his distributive share of such interest or dividends with respect to which such exclusion applies.…