A bill to amend the Internal Revenue Code of 1954 to provide that gross income does not include interest on obligations issued by certain educational organizations.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to provide that gross income does not include interest on securities issued by certain educational organizations. Requires such educational organizations to: (1) grant baccalaureate or higher degrees; and (2) be a college or university created by specific act of the legislature of the State within which such college or university is located and for which such legislature has regularly made appropriations.…