A bill to amend the Internal Revenue Code of 1954 to provide a basic $5,000 exemption from income tax for amounts received as annuities, pensions, or other retirement benefits.

Allows an income tax exclusion under the Internal Revenue code for any amount received as an annuity, pension, or other retirement benefit during any taxable year to the extent that the total of such amounts received during such year does not exceed $5,000. Provides that this provision shall not apply to legislative retirement benefits.