To amend the Internal Revenue Code of 1954 to permit an exemption, in the amount not exceeding the maximum social security benefit payable in the taxable year involved, for under a public retirement system or under any other system if the taxpayer is at least 65 years of age.

Allows an income tax exclusion under the Internal Revenue Code, in an amount not exceeding the maximum social security benefit payable in the taxable year involved, for retirement income received by a taxpayer under a public retirement system or under any other system if the taxpayer is at least 65 years of age. (Amends 26 U.S.C. 124)