A bill to amend the Internal Revenue Code of 1954 to make additional interest from savings eligible for exclusion.

[AI summary unavailable — showing source text] Amends provisions of the Crude Oil Windfall Profit Tax Act of 1980 which provide for an income tax exclusion for interest and dividends to allow an additional exclusion from gross income of interest and dividends received by individuals over and above the current maximum of $200 ($400 for married individuals filing a joint return) as allowed by such Act. Allows exclusion of up to 25 percent of the interest and dividends received above $200 ($400). Phases-in such additional percentage at five percent increments from 1981 through 1985.…