A bill to amend the Internal Revenue Code of 1954 to exclude from the gross income of individuals who have attained the age of 62 $3,000 of interest received during any taxable year.

referredUnited States· United States Congress· EN

Introduced

6 April 1978

Last action

6 April 1978 · Introduced

Status

Referred to House Committee on Ways and Means.

Sponsors

Rep. Lloyd, James F. [D-CA-35], Rep. Caputo, Bruce F. [R-NY-23], Rep. Collins, Cardiss [D-IL-7], Rep. Conte, Silvio O. [R-MA-1], Rep. Daniel, W. C. (Dan) [D-VA-5], Rep. Dornan, Robert K. [R-CA-46], Rep. Guyer, Tennyson [R-OH-4], Rep. Hannaford, Mark W. [D-CA-34], Rep. Ketchum, William M. [R-CA-18], Rep. Lagomarsino, Robert J. [R-CA-19], Rep. Mitchell, Parren J. [D-MD-7], Rep. Patterson, Jerry M. [D-CA-38], Rep. Richmond, Frederick W. [D-NY-14], Rep. Ryan, Leo J. [D-CA-11], Rep. Stokes, Louis [D-OH-11], Rep. Watkins, Wes [R-OK-3], Rep. Whitehurst, G. William [R-VA-2], Rep. Winn, Larry, Jr. [R-KS-3], Rep. Yatron, Gus [D-PA-6], Rep. Young, C. W. Bill [R-FL-13]

Subjects

Taxation

Source updated

1 August 2024

Taxation

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Summary

Amends the Internal Revenue Code to allow an individual who has attained the age of 62 before the close of the taxable year to exclude up to $3,000 of interest which would otherwise be includible in gross income. Reduces the amount of interest which may be excluded by one-half of the excess of the taxpayer's adjusted gross income over $5,500.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

6 April 1978
Introduced
Referred to House Committee on Ways and Means.
Source: IntroReferral
6 April 1978
Introduced
Introduced in House
Source: IntroReferral
6 April 1978
Introduced
Introduced in House
Source: IntroReferral

Votes

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Versions

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Documents

1 official file

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Introduced in House
summary · EN · 6 April 1978
Open at official source

Related records

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Sources

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Official source: https://www.congress.gov/bill/95th-congress/house-bill/11934
Open data entity: https://api.congress.gov/v3/bill/95/hr/11934
us · 95-hr-11934 · source updated 1 August 2024