A bill to amend the Internal Revenue Code of 1954 to exclude from the gross income of any participant in any State or local government plan so much of any distribution from such plan as represents his allocable share of tax-exempt interest of such plan.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to exclude from the gross income of an employee-participant in any State or local government deferred compensation plan any income from such plan which is allocable to such participant as tax-exempt interest income.…