A bill to amend the Internal Revenue Code of 1954 to provide that the first $5,000 of the income of an individual who is over 65 years of age shall be exempt from income tax.

Amends the Internal Revenue Code to exclude $5,000 from the gross income of any individual who has attained age 65 by the close of the taxable year.

Reduces such excluded amount by an amount equal to the total of any income received by such individual which is excluded from gross income by reason of any other rule, regulation, or provision.