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United States · Bill · S

S. 1956 (96th)

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

referredUnited States· United States Congress· EN

Introduced

30 October 1979

Last action

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Status

Referred to Senate Committee on Finance.

Sponsors

—

Subjects

Discovery layer

Source updated

14 June 2021

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Summary

Amends the Internal Revenue Code to exclude from gross income interest received on a demand deposit with a commercial or mutual savings bank, a savings and loan association, or a credit union insured under Federal or State law. Allows the exclusion of up to $500 in interest by an individual ($1,000 in the case of a married couple filing jointly), but only to the extent that the aggregate sum of interest and dividends received by the taxpayer from all sources does not exceed $500 for an individual ($1,000 in the case of a married couple filing jointly).

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Documents

1 official file

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Sources

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