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 a taxpayer's gross income interest or dividends on savings deposits or withdrawable savings accounts from a bank, a savings institution, or a credit union insured under a Federal or State law. Limits such exclusion to a maximum of $150. Includes the amount of any interest or dividends so excluded from gross income in the distributable net income of estates and trusts. Requires a partner in a partnership to take into account his distributive share of such interest or dividends with respect to which such exclusion applies.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 23 July 1979

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.