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United States · Bill · S

S. 1645 (96th)

A bill to amend the Internal Revenue Code of 1954 to permit a credit for interest received on savings.

referredUnited States· United States Congress· EN

Introduced

2 August 1979

Last action

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Status

Referred to Senate Committee on Finance.

Sponsors

—

Subjects

Discovery layer

Source updated

14 June 2021

Official sourceView documentsShare

Summary

Amends the Internal Revenue Code to allow a credit against the personal income tax for the amount (not to exceed $2,500) received by the individual as interest on savings accounts. Requires reduction of such credit by five percent of the amount by which the adjusted gross income of the taxpayer exceeds $20,000. Sets a minimum credit amount of $1,000. Requires adjustment of such dollar amounts according to a defined inflation adjustment factor. Authorizes the Secretary of the Treasury to prescribe regulations allocating interest credited to joint accounts.

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Documents

1 official file

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