A bill to amend the Internal Revenue Code of 1954 to increase to $1,000 the amount of interest paid by financial institutions which may be excluded from gross income by individuals and to make such exclusion permanent.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to increase to $1,000 ($1,500 in the case of a joint return) the amount of interest income received from financial institutions which may be excluded from gross income. Reduces the amount of such exclusion if the taxpayer's adjusted gross income exceeds a specified amount. Amends the Crude Oil Windfall Profit Tax Act of 1980 to repeal the termination date for the tax exclusion of interest and dividend income.…