A bill to amend the Internal Revenue Code of 1954 with respect to exemption from income taxation of certain mutual deposit guaranty funds.

Amends the Internal Revenue Code to provide that nonprofit corporations or associations without capital stock that have as their purpose providing reserve funds and insuring shares or deposits in: (1) domestic building and loan associations; (2) nonprofit cooperative banks without capital stock; or (3) mutual savings banks not having capital stock represented by shares, can be on the list of tax exempt organizations if organized before January 1, 1963 (presently September 1, 1957).