A bill to amend the Internal Revenue Code of 1954 to provide that certain bond interest received by individuals 65 or over shall be excluded from gross income.

States that gross income does not include any amounts received as interest on any United States Government series II savings bond by an individual taxpayer who has attained the age of 65 if such taxpayer has held such bond for a period of not less than five years. Provides that with respect to bonds held jointly by husband and wife who file a joint return, if one spouse satisfies the age and holding requirements specified above, then both husband and wife shall be treated as satisfying the age and holding requirements.