A bill to amend the Internal Revenue Code of 1954 to allow individuals to elect either a tax credit for a certain portion of the interest received on deposits in certain savings institutions or an exclusion of a certain portion of such interest.

referredUnited States· United States Congress· EN

Introduced

27 February 1975

Last action

—

Status

Referred to House Committee on Ways and Means.

Summary

Revises the Internal Revenue Code to allow an individual to elect to take either a credit against the income tax up to a maximum of $250 for a joint return, or to exclude from gross income a maximum of $1,000 for a joint return of the interest received on deposits or withdrawable accounts in qualified savings institutions.

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Documents

1 official file

Introduced in House
summary · EN · 27 February 1975
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/94th-congress/house-bill/3971
Open data entity: https://api.congress.gov/v3/bill/94/hr/3971