A bill to amend the Internal Revenue Code of 1954 to exclude from gross income the interest on deposits in certain savings institutions.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to exclude from gross income up to $1,000 ($2,000 for joint returns) of the interest earned on savings accounts in banks, savings and loan associations, or credit unions. Provides for a phase-in for such exclusion for taxable years beginning before 1984. Disallows such exclusion for estates and trusts.…