A bill to amend the Internal Revenue Code of 1954 to permit an exemption of the first $5,000 of retirement income received by a taxpayer under a public retirement system or any other system if the taxpayer is at least 65 years of age.

Revises the Internal Revenue Code by excluding from gross income (1) any amounts received by an individual in the taxable year as a pension, annuity, or other benefit under a public retirement system, or (2) any amounts received by an individual who is age 65 or over as a pension, annuity, or other retirement benefit under any other retirement plan, program, or system, to the extent that the aggregate of such amounts does not exceed $5,000.