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 to: (1) increase from $200 ($400 in the case of a joint return) to $500 ($1000 in the case of a joint return) the maximum aggregate of dividends and interest that may be excluded from an individual's gross income; and (2) allow an additional exclusion of up to 25 percent of the interest and dividends received above $500 ($1000). Phases-in such additional percentage at five percent increments from 1981 through 1985.…