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 interest received on a demand deposit with a commercial or mutual savings bank, a savings and loan association, or a credit union insured under Federal or State law. Allows the exclusion of up to $500 in interest by an individual ($1,000 in the case of a married couple filing jointly), but only to the extent that the aggregate sum of interest and dividends received by the taxpayer from all sources does not exceed $500 for an individual ($1,000 in the case of a married couple filing jointly).…