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).
Introduced in Senate
Referred to Senate Committee on Finance.
Llama 3.2 · runs locally in your browser
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line