A bill to amend the Internal Revenue Code of 1954 to provide for the partial exclusion of interest from gross income.

Summary

Amends the Internal Revenue Code to exclude from gross income amounts received as interest or dividends on a time or demand deposit with a commercial bank, a savings and loan association, or a credit union. Limits the amount of such exclusion to $2,500 in the case of a single individual who has attained age 60, $5,000 for married individuals filing joint returns where at least one of the married individuals has attained age 60, $1,000 for other single individuals, and $2,000 for other married individuals filing joint returns. Reduces the amount of the allowable exclusion by one-half of the amount by which the adjusted gross income of a single taxpayer under age 60 exceeds $20,000 ($40,000 for married individuals under age 60 who file jointly).

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Documents

1 official file

• Introduced in Senate

  summary · EN · 30 April 1979

  Open at official source

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