A bill to exclude from gross income the first $500 of interest received from savings account deposits in lending institutions.

Provides, under the Internal Revenue Code, that gross income does not include amounts received by, or credited to the account of, a taxpayer as dividends or interest on savings deposits or withdrawable savings accounts in lending institutions.

Provides that such tax exclusion shall in the aggregate not exceed $500 for any taxable year. (Amends 26 U.S.C. 123, 124)