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United States · Bill · HR

H.R. 5396 (96th)

A bill to amend the Internal Revenue Code of 1954 to exclude from gross income interest on deposits in certain savings institutions, and to increase the amount of the exclusion for dividends received by individuals.

referredUnited States· United States Congress· EN

Introduced

25 September 1979

Last action

25 September 1979 · Introduced

Status

Referred to House Committee on Ways and Means.

Sponsors

Rep. Ertel, Allen E. [D-PA-17], Rep. Myers, Michael O. [D-PA-1], Rep. Moakley, John Joseph [D-MA-9], Rep. Pritchard, Joel [R-WA-1], Rep. Donnelly, Brian J. [D-MA-11], Rep. Guarini, Frank J. [D-NJ-14], Rep. Mitchell, Parren J. [D-MD-7], Rep. Flippo, Ronnie G. [D-AL-5], Rep. Blanchard, James [D-MI-18], Rep. Kindness, Thomas N. [R-OH-8], Rep. Benjamin, Adam, Jr. [D-IN-1], Rep. Applegate, Douglas [D-OH-18], Rep. Bailey, Donald A. [D-PA-21], Rep. Carter, Tim Lee [R-KY-5], Rep. Rahall, Nick J., II [D-WV-3], Rep. Murphy, Austin J. [D-PA-20], Rep. McDonald, Lawrence P. [D-GA-7], Rep. Albosta, Donald J. [D-MI-10], Rep. Bedell, Berkley W. [D-IA-6], Rep. Gingrich, Newt [R-GA-6], Rep. McKinney, Stewart B. [R-CT-4], Rep. Huckaby, Thomas J. (Jerry) [D-LA-5], Rep. Spellman, Gladys Noon [D-MD-5]

Subjects

Taxation

Source updated

7 February 2024

Taxation

Official sourceView documentsShare

Summary

Amends the Internal Revenue Code to exclude from gross income up to $250 ($500 in the case of a joint return) of interest income earned on a savings account in a financial institution. Specifies that such exclusion shall take effect in 1983 and provides for the exclusion of gradually increasing amounts of interest for taxable years beginning in 1980 through 1982. Excludes estates and trusts from eligibility for the tax exclusion. Increases the amount of the tax exclusion for dividends received by individuals to $150 in 1981, $200 in 1982, and $250 thereafter.

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

Timeline

  1. 25 September 1979

    Introduced

    Referred to House Committee on Ways and Means.

    Source: IntroReferral

  2. 25 September 1979

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 25 September 1979

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

Leesvertaling

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Sponsors

Related records

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Sources

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