Amends the Internal Revenue Code to exclude from gross income interest earned on certain savings deposits. Permits such exclusion only to the extent that the interest income received by the taxpayer exceeds the amount of such income received in the previous year, up to $500.
Sets the limit for such exclusion for individuals age 65 or over at $500.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
See H.R.4242.
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