To provide that interest earned on certain passbook savings accounts shall be excluded from gross income of the taxpayer as an incentive to taxpayers to increase savings in local banks and saving institutions.
Save, America Act of 1989 - Amends the Internal Revenue Code to exclude from the gross income of an individual up to $5,000 ($10,000 for joint returns) of interest earned on a passbook savings account in a federally insured bank, savings and loan or similar institution, or credit union.
For Further Action See H.R.2021.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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