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 dividends received from a domestic corporation up to $100 during a taxable year and interest earned on a withdrawable savings account in a savings bank. Limits the amount of interest excludable to that amount which exceeds the amount of interest or dividends received by the taxpayer during the preceding taxable year up to $500. Permits individuals age 65 and over to exclude a full $500 for a taxable year.

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

Timeline

1. 27 November 1979

   Introduced

   Introduced in Senate

   Source: IntroReferral

2. 27 November 1979

   Introduced

   Referred to Senate Committee on Finance.

   Source: IntroReferral

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 · 27 November 1979

  Open at official source

Sponsors

• Sen. Nelson, Gaylord [D-WI] · D · Sponsor
• · ssfi00 · Standing

Related records

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