A bill to amend the Internal Revenue Code of 1954 to provide that gross income does not include certain amounts of interest accrued by individuals on savings certificates which bear a rate of interest at least equal to the rate of inflation and which are held for at least 3 years.

Summary

Amends the Internal Revenue Code to exclude from gross income interest accrued on savings certificates held for at least three years which bear a rate of interest equal to the rate of inflation. Limits the income tax exclusion to $1,500 for unmarried individuals, $2,000 for married individuals filing joint returns and $1,000 in the case of married individuals filing separate returns. Doubles the allowed exclusion for individual taxpayers 65 years and over. Provides for an inflation adjustment in the amount of the exclusion beginning after 1982.

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1 official file

• Introduced in House

  summary · EN · 18 June 1981

  Open at official source

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