A bill to amend the Internal Revenue Code of 1954 to provide individuals a credit against income tax for certain amounts of savings.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow a tax credit equal to 50 percent of the excess of the eligible net savings (net savings in excess of certain types of debt) of a taxpayer for the taxable year over a specified percentage of the taxpayer's adjusted gross income. Specifies types of savings accounts which qualify for the credit. Increases taxpayer liability (except for individuals who attain age 65) if the taxpayers' eligible net savings is less than zero for a taxable year. Provides for an inflation adjustment of the taxpayer's adjusted gross income for purposes of determining the allowable amount of credit.…