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United States · Bill · HR

H.R. 5793 (96th)

A bill to amend the Internal Revenue Code of 1954 to exclude from gross income the interest on deposits in certain savings institutions.

referredUnited States· United States Congress· EN

Introduced

2 November 1979

Last action

—

Status

Referred to House Committee on Ways and Means.

Sponsors

—

Subjects

Discovery layer

Source updated

7 February 2024

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Summary

Amends the Internal Revenue Code to exclude from gross income up to $4,000 ($8,000 in the case of married couples filing jointly) of the interest income earned on savings accounts in a bank, savings and loan association, or a credit union. Provides that the $4,000 limitation shall be phased-in between taxable years beginning in 1980 and taxable years beginning in 1983. Disqualifies interest earned by estates and trusts from the tax exclusion.

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Documents

1 official file

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