A bill to amend the Internal Revenue Code of 1954 to increase the amount of dividends and interest each individual may exclude from gross income to $1,000 in the case of individuals under age 62 and to $4,000 in the case of individuals age 62 or older, and to make such exclusion permanent.

Summary

Amends the Internal Revenue Code to increase the amount of interest and dividend income which may be excluded from gross income to $1,000 for individuals under age 62 and to $4,000 for individuals over age 62. Amends the Crude Oil Windfall Profit Tax Act of 1980 to repeal the termination date for such exclusion.

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1 official file

• Introduced in House

  summary · EN · 17 February 1981

  Open at official source

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