A bill to amend section 832(e) of the Internal Revenue Code of 1954.

Provides that in the case of any taxable year beginning after December 31, 1970, the provision of the Internal Revenue Code allowing a special deduction and income account shall also apply in all respects to a company which writes lease guaranty insurance or insurance or governmental obligations the interest on which is excludable from gross income. (Adds 26 U.S.C. 832 (e)(6))