A bill to amend the Internal Revenue Code of 1954 to partially exclude interest from savings from the gross income of certain taxpayers.

Amends the Internal Revenue Code to exclude from gross income up to $1,000 ($1,500 for joint returns, $750 for married individuals filing separately) of interest income earned on a savings account. Reduces the amount of such exclusion by $1 for each dollar that the taxpayers adjusted gross income exceeds $10,000. ($15,000 for joint returns, $7,500 for married individuals filing separately).