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 earned on certain savings deposits. Permits such exclusion only to the extent that the interest income received by the taxpayer exceeds the amount of such income received in the previous year, up to $500. Sets the limit for such exclusion for individuals age 65 or over at $500.…