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.

Excludes from gross income, under the Internal Revenue Code, any amounts received as interest or accrued on any United States Government Series E Savings Bond by an individual taxpayer of 65 years or over if he has held the bond for not less than 5 years.

Provides that if a Series E Savings Bond is held jointly by husband and wife, both husband and wife shall be treated as satisfying the ages and holding requirements of the Code. (Amends 56 U.S.C. 154)