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 dividends received from a domestic corporation up to $100 during a taxable year and interest earned on a withdrawable savings account in a savings bank. Limits the amount of interest excludable to that amount which exceeds the amount of interest or dividends received by the taxpayer during the preceding taxable year up to $500. Permits individuals age 65 and over to exclude a full $500 for a taxable year.…